Bitcoin Price Attempts Recovery Above $112,200 Amid Resistance Challenges
Bitcoin is attempting to recover from a low of $110,650. Currently, BTC is trading above $112,200 but faces resistance levels on the way to $115,000.
- Recovery wave initiated above $112,000.
- Price remains below $114,000 and the 100 hourly Simple Moving Average.
- Key bearish trend line resistance at $114,000.
- Potential increase if the price clears the $114,500 resistance zone.
Recent Price Movements
Bitcoin declined after closing below $114,500, losing momentum and trading under the $113,200 support zone. It tested $110,650 with a low of $110,692 before starting a recovery, crossing above the 23.6% Fibonacci retracement level from the recent decline.
Current trading below $114,000 indicates immediate resistance around $113,600. Key resistances are located at $114,000 and potentially $114,800 or the 61.8% Fibonacci retracement level. A close above $114,800 may lead to further gains towards $115,500 or $116,500.
Potential Decline
If Bitcoin fails to surpass the $114,000 resistance, a new decline could occur. Immediate support is at $112,500, followed by $112,200. Additional support levels include $111,500 and $110,650, with major support at $108,500.
Technical indicators:
- Hourly MACD indicating loss of pace in the bearish zone.
- Hourly RSI below 50.
Major Support Levels: $112,200, $112,000.
Major Resistance Levels: $113,500, $114,000.