🔥 Bitcoin’s Existential Crisis: Will $112k Save Its Soul? 🐄💥

by

Behold, the cryptocurrency ascends like a tormented soul above $110,000, clutching at the flimsy hope of $112,000-a resistance level that dares to mock its fragile dreams.

  • In a fit of existential rebellion, Bitcoin clawed its way past the $110,000 purgatory, a price point once deemed sacred by the despairing masses.
  • The chart now whispers of $111,000 and the 100-hour SMA, two spectral figures that haunt the hourly candlestick with the subtlety of a drunkard’s lullaby.
  • A “rising channel” forms-a cruel joke etched in support at $110,500-Kraken’s data feed weeping into its servers as if to say, “This is not a recovery. This is a fever dream.”
  • Should BTC falter beneath $112,000, the abyss awaits. A descent into madness, or perhaps a nap. One can never tell with crypto.

The Agony of Ascent

Bitcoin, that cursed digital ledger, launched a fresh recovery wave above $108,500-a number so mundane it could only be the work of a bored accountant. With a surge of vigor (or perhaps a caffeine IV drip), BTC shattered $108,800 and $110,000, two barriers that had stood for eons like digital Stonehenges.

The price danced above the 50% Fib retracement of a drop from $113,457 to $107,352, a Fibonacci sequence so tragic it would make a mathematician weep. A spike past $111,200 followed, as if the market were screaming, “I’m fine! I’m totally fine!”

Yet the bears linger near $111,500, those old familiar foes, gnawing at the edges like vultures at a feast. The 100-hour SMA is a mere footnote in this symphony of chaos, while $112,000 looms as the final exam of a soul already failing the class.

The next resistance? $112,500, a number so tantalizing it could spark a revolution-or a midlife crisis. If BTC breaches it, the path to $113,450 and beyond beckons, though one suspects the market will sell off at the first whiff of success, like a jilted lover burning the letters.

The Descent into Absurdity

Should Bitcoin fail to conquer $112,000, it may collapse into a heap of despair, tumbling toward $110,400, a support level so feeble it might as well be a wish. The $109,500 mark follows, a last stand for the terminally optimistic.

Further losses? Ah yes, the $108,500 zone awaits, where hope dies and coffee is poured over the charts in solidarity. Below that, $107,350 and $105,500-two gravesites for dreams of wealth, buried beneath the weight of fees and regret.

Technical indicators:

Hourly MACD – A bullish soul now gasping for air, its momentum dissolving like sugar in hot tea.

Hourly RSI – Above 50, a number that means nothing, yet everyone clings to it like a drowning man to a meme coin.

Major Support Levels – $110,400 (a crutch), $109,500 (a sigh).

Major Resistance Levels – $111,500 (a dare) and $112,500 (a delusion).

Read More

2025-09-03 05:32