Bitcoin Price Declines Below $112,000 as Bearish Signs Emerge

Bitcoin is currently exhibiting bearish trends, trading below $112,000. Key points include:

Decline initiated below the $112,550 level.
Price is under $111,000 and the 100-hourly Simple Moving Average.
Break below bullish trend line support at $108,450 noted on the BTC/USD hourly chart.
Potential further decline if the price breaks below the $108,000 support zone.

Current Market Status

Recent attempts to recover from a low of $107,352 saw Bitcoin briefly surpass resistance levels of $108,000 and $108,500. However, selling pressure near $109,500 has led to a decrease below $109,000.

Resistance levels are identified as follows:

Immediate at $109,400
Key resistance at $110,000
Next resistance could be $110,500 or the 50% Fib retracement of the drop from $113,457 to $107,352

A close above $110,500 may push prices toward $112,000 and potentially $112,500, with a major target at $113,500.

Outlook for BTC

If Bitcoin does not surpass $110,500, it risks fresh declines. Support levels include:

Immediate at $108,000
Major support at $107,400
Next at $106,500
Main support at $103,500

Technical indicators show the MACD gaining momentum in the bearish zone and the RSI for BTC/USD below 50.