Bitcoin Price Declines Below $115,500 with Bearish Momentum

Bitcoin price is currently under pressure, trading below $115,500 with potential for further declines.

Recent decline started after closing below $118,000.
Trading below $116,500 and the 100 hourly Simple Moving Average.
Key bearish trend line forming resistance at $115,400.
Immediate resistance near $114,200; first key resistance around $115,000.

Current Price Action

Bitcoin has dropped below the $115,500 support zone and tested a low of $112,610. It is consolidating below the 23.6% Fib retracement level from the recent swing high of $124,420.

If Bitcoin surpasses the $115,500 resistance, it may test higher levels, potentially reaching $118,500 or up to $121,500 as targets.

Potential for Further Losses

If Bitcoin does not break above the $115,000 resistance, it could decline further.

Immediate support at $112,500.
Major support at $112,000 and $110,500.
Main support sits at $108,000; losses below this level could indicate significant downturns.

Technical indicators show MACD in a bearish zone and RSI below 50.