Bitcoin Price Struggles Below $112,550 Resistance Level

Bitcoin price is currently consolidating around $111,000. A decline may occur if it drops below $110,800.

Bitcoin began recovering above $110,800.
Price is trading above $111,000 and the 100 hourly Simple Moving Average.
A bullish trend line with support at $110,800 is forming on the hourly chart.
Price may decline if it remains below $112,550.

Current Market Situation

Bitcoin has started a recovery wave from the $110,000 area, climbing past the $110,800 and $111,200 resistance levels. However, selling pressure around $112,600 has limited further gains.

Key resistance levels are:

$111,750 (immediate resistance)
$112,000 (first key resistance)
$112,550 (next resistance)

A close above $112,550 may lead to price increases towards $113,000 and potentially up to $115,000.

Potential Decline

If Bitcoin does not surpass $112,550, it may start to decline. Immediate support is near:

$110,800 (trend line support)
$110,500 (first major support)
$110,000 (next support)
$108,800 (additional support)
$107,500 (main support)

Technical indicators show that the MACD is losing momentum in the bullish zone, while the RSI is below 50.