Bitcoin Price Struggles Below $115,000 Resistance with Potential for Decline

Bitcoin is currently struggling to regain momentum above $116,200, consolidating and potentially declining below the $112,500 mark.

BTC began a decline from $115,500.
Trading occurs below $114,000 and the 100-hour Simple Moving Average.
A bearish trend line forms resistance at $114,400 on the hourly chart.
Clearing the $115,500 resistance could initiate a price increase.

Market Overview

Bitcoin found support near $112,000 and briefly recovered above $113,200 and $114,000. However, it faced resistance near $115,500 and remains below key levels:

Immediate resistance near $114,000.
First key resistance at $115,000; next at $115,500.
A close above $115,500 may propel BTC towards $116,500 and $118,000, with a long-term target of $120,000.

Potential Downward Movement

If Bitcoin does not surpass the $115,000 resistance, another decline may occur. Key support levels include:

Immediate support at $113,200.
Major support near $112,500 and $112,000.
Further losses could lead to support at $110,500 and a primary support level at $108,500.

Technical indicators show a bearish MACD and an RSI below 50, indicating potential downward pressure.