Bitcoin Price Consolidates Below $114,000 Amid Bearish Trends
Bitcoin's price is experiencing a decline and consolidation after falling below $114,000. It may further test the $110,500 support zone.
- BTC began a downward trend falling under $114,000.
- The price remains below $114,000 and the 100-hourly Simple Moving Average (SMA).
- A bearish trend line with resistance at $113,600 is forming on the hourly BTC/USD chart.
- Clearing the $114,000 resistance could lead to a price increase.
Current Price Movement
Bitcoin attempted to remain above $115,500 but declined past $115,000 and $114,000 into a short-term bearish phase. The decline continued under $113,500, reaching a low of $111,557. It is now consolidating below the 23.6% Fibonacci retracement level from the recent drop.
Resistance levels include $113,000, with key thresholds at $113,500 and $114,000. Surpassing $114,000 could propel prices to $114,750 or higher.
Potential for Further Decline
If Bitcoin cannot surpass the $114,000 resistance, it may decline again. Immediate support lies around $112,000, with major support at $111,750. Further losses could push prices towards $110,500 and potentially down to $108,800 or even $107,500.
Technical Indicators:
- Hourly MACD: Increasing momentum in the bearish zone.
- Hourly RSI: Below the 50 mark for BTC/USD.
- Major Support Levels: $112,000 and $111,750.
- Major Resistance Levels: $113,600 and $114,000.