Bitcoin Price Attempts Recovery Above $112,000 Amid Resistance Levels

Bitcoin is attempting to recover from a low of $112,000, currently trading above $113,200 but faces resistance levels that may hinder further upward movement.

Recovery wave initiated above $112,500.
Price remains below $115,000 and the 100-hourly Simple Moving Average (SMA).
Key bearish trend line resistance forming at $113,500 on the BTC/USD hourly chart.
Potential for price increase if it surpasses the $115,000 resistance.

Resistance Levels

After closing below $115,000, Bitcoin experienced bearish momentum, dropping under $113,200. A low was recorded at $112,100 with current recovery attempts targeting the 23.6% Fibonacci retracement level from the recent decline.

Immediate resistance is near $113,500. Further resistance identified at $114,500 and $115,000. A breakthrough above $115,000 could lead to testing $116,500 and potentially $118,200, approaching the 50% Fibonacci level.

Downside Risks

If Bitcoin does not exceed the $114,500 resistance, it risks another decline. Key support levels are:

Immediate support at $112,500
Major support at $112,000
Next significant support at $110,500
Main support at $105,500

Technical indicators show a weakening MACD in the bearish zone and an RSI above 50.