Bitcoin Price Drops Below $113,500 Amid Bearish Trend

Bitcoin Price Analysis:

  • Bitcoin (BTC) has extended losses, trading below $113,800 and currently consolidating.
  • The price is below the $113,500 zone and the 100-hourly simple moving average.
  • A bearish trend line is forming with resistance at $114,000 on the BTC/USD hourly chart.
  • If BTC clears the $114,000 zone, it might start another increase.

Resistance and Support Levels

  • Immediate resistance is near $113,500, with key resistance at $114,000.
  • Further resistance levels are $114,500 and potentially $115,500 if a breakout occurs.
  • Immediate support is around $112,000, with major support at $111,250 and $110,500.
  • If BTC moves below $107,500, more bearish momentum could develop.

Bitcoin Price

Technical Indicators

  • Hourly MACD: Gaining pace in the bearish zone.
  • Hourly RSI: Below the 50 level for BTC/USD.

Investors should monitor these levels for potential price movements in Bitcoin.