Bitcoin Struggles Below $116,000 Amid Possible Downtrend Resumption

Bitcoin's price has shown signs of recovery, surpassing the $114,000 resistance level. However, it remains below $115,000 and the 100 hourly Simple Moving Average.

A bearish trend line is forming with resistance at $119,250 on the BTC/USD hourly chart.
The price faces immediate resistance near $115,000, with key hurdles at $116,000 and $118,150.
If Bitcoin climbs above $118,150, it could reach the $119,250 resistance and potentially $120,000.
Failure to rise above $115,000 may lead to a decline toward support levels at $113,600, $112,500, and $111,200.
Main support is at $110,000, which is crucial for short-term recovery.

Technical indicators show:

Hourly MACD is gaining pace in the bearish zone.
Hourly RSI for BTC/USD is below 50.
Major support levels are $113,500 and $112,500, while major resistance levels are $115,000 and $116,000.

Bitcoin Price