Bitcoin Price Attempts Recovery Below $110,500 Resistance Level
Bitcoin price remains below $112,000, with attempts to recover facing resistance around $110,500.
- BTC declined below the $112,000 zone.
- Currently trading below $110,500 and the 100 hourly Simple Moving Average.
- A break above a contracting triangle occurred at $108,800 on the BTC/USD hourly chart.
- A decline may happen if the price stays under $110,500.
Current Price Action
From the $107,350 zone, Bitcoin made an effort to recover, surpassing $108,200 and $108,400.
The price broke the 23.6% Fib retracement level from the recent drop of $113,457 to $107,352. However, resistance persists near $109,500, and the price is currently consolidating around this level, below $110,000.
Immediate resistance is at $109,500, with key resistance levels at $110,200 and $110,500. A close above $110,500 could lead to further gains towards $111,650 and potentially $112,500, aiming for $113,500.
Potential Decline
If Bitcoin does not breach the $110,500 resistance, it may initiate a decline. Immediate support is at $108,800, followed by $108,200.
Further losses could push the price down to $107,350 and possibly $106,500. The main support level is at $105,500.
Technical indicators show:
- Hourly MACD losing momentum in the bearish zone
- RSI above the 50 level
- Major support levels at $108,800 and $108,000
- Major resistance levels at $109,500 and $110,500
