Bitcoin Price Struggles Below $113,000 with Bearish Signals
Bitcoin is experiencing bearish pressure below $113,000, struggling to recover and at risk of declining further.
- Bitcoin initiated a recovery above $109,550.
- Current trading is below $112,000 and the 100 hourly Simple Moving Average.
- A key bullish trend line support at $112,000 was breached.
- A decline may occur if the price drops below the $110,750 support zone.
Recent Price Movements
Bitcoin attempted to recover from a low of $108,734, climbing above $109,500 and $110,000.
The price surpassed the 23.6% Fibonacci retracement level but retreated below $113,000 resistance after failing to maintain levels above it.
Current resistance levels are near $112,400 and $113,000, with potential for further gains toward $113,500 if these levels are cleared.
Outlook for Bitcoin
If Bitcoin does not surpass $113,000, a decline may follow.
- Immediate support is at $110,750.
- Major support follows at $110,000 and $109,500.
- Further losses could target $108,500 and ultimately $106,500.
Technical indicators show:
- Hourly MACD is gaining pace in the bearish zone.
- RSI for BTC/USD is below 50.
Overall, watch the support at $110,750 and resistance at $112,500 and $113,000.