Bitcoin Price Struggles Below $113,500 Amid Bearish Momentum

Bitcoin is showing bearish momentum, trading below $113,500 and facing resistance near $113,000.

BTC declined below $111,400, currently trading below $111,500 and the 100 hourly Simple Moving Average.
A bearish trend line has formed with resistance at $111,550.
If Bitcoin surpasses $112,500, it may initiate a recovery.
Recent low was at $108,734, followed by a partial recovery above $111,200.

Price Analysis

Bitcoin closed below $112,500, leading to a decline below key support levels, including $110,500. Immediate resistance is at $111,500, while significant resistance remains at $112,000 and $113,000. A close above $113,000 could lead prices toward $114,200 or higher.

Potential Downward Movement

If Bitcoin does not break the $111,550 resistance, it may drop further. Immediate support is at $110,500, major support at $109,200, with additional support at $108,500 and $106,500. The critical support level is $105,500.

Technical indicators show:

Hourly MACD indicates weakening bearish momentum.
RSI is below the 50 level.
Major support levels are $108,500 and $106,500.
Major resistance levels are $111,500 and $113,000.