Bitcoin Struggles to Establish Support Around $112,000 Amid Weak Bounce
Bitcoin (BTC) Analysis
Bitcoin bulls are trying to establish a low around $113,000, but the effort shows weak price action and low trading volume. The price bounce has not exceeded $114,000, and trading volumes are lower compared to the drop earlier this week.
The bearish momentum is reflected in the alignment of the 50-, 100-, and 200-hour SMAs, which are trending downwards. Daily charts confirm a break below the rising trendline support, indicating a shift to bearish momentum. Both MACD indicators are showing increasing negative momentum.
Key levels to watch:
- Resistance at $116,033, $120,000, $122,056
- Support at $111,982, $110,053, $100,484
A move above $116,033 would negate the current bearish outlook.