Bitcoin Corrects Below $114,200 Resistance Amid Price Pullback

Bitcoin is experiencing a price correction, moving below key resistance levels.

The price has fallen below $114,000 and the 100 hourly Simple Moving Average.
A break occurred below a bullish trend line with support at $114,050 on the BTC/USD pair chart.
If trading continues below $112,000, further downward movement is likely.

Current Price Movement

Bitcoin recently spiked above $116,200 but faced resistance. A high was noted at $116,309 before the price started correcting below $114,200. It is now below $114,000.

Immediate resistance levels include:

$113,650
$114,200
$115,000 - A close above this could push the price towards $116,200 and possibly $117,500.

Bitcoin Price

Potential for Further Losses

If Bitcoin fails to surpass $114,200, it may continue to decline.
Support levels are at $112,000, $111,500, $110,500, and $108,500.
Major support at $108,500 might pose challenges for recovery if breached.

Technical Indicators

Hourly MACD is bearish.
Hourly RSI is below 50.
Major Support Levels: $112,000, $111,500.
Major Resistance Levels: $114,200, $115,000.