Bitcoin Price Falls Below $112,500 With Potential Further Decline

Bitcoin's price continues to decline after dropping below $112,500, now consolidating losses and potentially testing the $108,500 support zone.

Bitcoin fell below critical levels of $112,500 and $112,000, entering a bearish zone.
The price is trading below $111,500 and the 100 hourly Simple Moving Average.
Two bearish trend lines are forming with resistance at $110,500 and $113,000 on the BTC/USD hourly chart.
A low of $108,680 was recorded, with the price currently consolidating.

Bitcoin Price

Immediate resistance is near $109,920, with key resistance at $110,500. A close above $111,300 could push the price higher, testing the $112,500 resistance. Further gains might target $113,000 or even $114,500.

If Bitcoin fails to break the $110,500 resistance, another decline could occur. Immediate support lies at $108,800, with major support at $108,200. Additional losses may drive the price toward $107,500 or even $106,400. The main support level is $105,500, critical for short-term recovery.

Technical indicators:

Hourly MACD is gaining pace in the bearish zone.
Hourly RSI is below 50, indicating potential further declines.
Major Support Levels: $108,800 and $108,200.
Major Resistance Levels: $110,500 and $113,000.