Bitcoin Struggles Below $113,000 Amid Potential Downside Risks

Bitcoin is facing difficulties in maintaining levels above $113,500 and $114,000. It is currently consolidating, with potential for a decline below $110,000.

BTC failed to surpass the $114,000 resistance, leading to a fresh decline.
The price is below $113,000 and the 100 hourly Simple Moving Average.
A bearish trend line is forming with resistance at $112,000 on the BTC/USD chart.
If BTC trades below $110,200, further decline is likely.

Challenges Ahead for Bitcoin

Despite recovering above $112,500, $112,800, and $113,000, Bitcoin faces significant resistance levels.

Immediate resistance lies near $112,000, with key resistance at $113,000.
Further resistance is expected at $113,700 and the 61.8% Fib level of the recent drop.

A close above $113,700 could propel the price toward $114,500 and potentially $115,250. Resistance for bulls is around $115,500.

Potential Decline in BTC?

If BTC fails to break the $113,000 resistance, it may face a fresh decline.

Immediate support is near $110,200, with major support at $110,000.
Next support level is $109,500, with main support at $107,200.

Technical Indicators:

MACD is gaining momentum in the bearish zone.
RSI for BTC/USD is below 50.