Bitcoin Price Remains Below $113,000 Amid Bearish Momentum

Bitcoin is currently facing bearish trends below $113,000. The price is struggling to recover and may decline further below the $110,500 level.

BTC started a recovery from $108,750.
Trading is below $112,500 and the 100-hourly Simple Moving Average.
A break occurred above a key bearish trend line at $111,350 on the BTC/USD hourly chart.
The pair could increase if it surpasses the $113,000 resistance zone.

Current Price Action

After closing below $112,000, Bitcoin extended its losses, trading under $111,500 support and testing $108,750. A recent recovery wave pushed the price above $112,000, surpassing the 23.6% Fib retracement level of the drop from $117,354 to $110,734.

Immediate resistance is near $112,500. Key resistance levels are:

$113,000 (50% Fib retracement)
$114,000

A close above $114,000 may lead to further increases toward $115,000 or potentially $116,500.

Potential Decline

If Bitcoin does not rise above $113,000, it could decline. Support levels include:

Immediate: $110,600
Major: $109,500
Next: $108,750
Main: $105,500

Technical indicators show:

Hourly MACD losing momentum in the bearish zone
Hourly RSI below 50