Bitcoin is still struggling to rise above $112,000. BTC’s price is consolidating now and may decline further if the level of $110,800 is breached.
- Bitcoin began a new decline after it reached the $113.200 area.
- This price trades below $111500 and 100-hour Simple Moving average.
- On the hourly chart for the BTC/USD, there is a strong bullish trendline with a support level of $111,000 (data from Kraken).
- If it remains below $112,500, the pair could start another downturn.
Bitcoin price remains at Risk
The Bitcoin price has started to rise. fresh recovery Wave from the $101,100 zone. BTC was able to break through the resistance of $110800 and $111500.
Bulls managed to move the price up above $112,500. Bears, however, remained in the zone of $113,200 and prevented further gains. A new reaction was seen, with the price trading below $112,000. At $110,820, a low has been formed and now the price consolidates its losses.
Bitcoin has fallen below the $111,500 mark. 100 hourly Simple moving average. On the hourly BTC/USD chart, a bullish line is also forming. It has a support level of $111,000 The immediate resistance to the upside lies near the level of $111700. First key resistance near $112,000 is the first major obstacle. This is close to the Fib 50% retracement levels of recent losses from the swing high at $113.200 down to the lows at $110.820.
Next resistance is $112,300, or the 61.8% fib level for the recent drop from $113,200 swing low to $110,820. The price could rise further if the resistance level of $112 300 is breached. The price may rise in the case presented and reach the resistance of $113,200. If the price continues to rise, it could move towards the $114 200 level. Main target may be $115,000.
BTC Losses Increased?
Bitcoin could begin a new decline if it fails to break through the resistance zone of $112 300. Near the $111,000 mark and trendline, there is immediate support. Near the $108,800 level, we find our first significant support.
Next support zone is near $110 200. In the short term, any further losses could send the price towards the $108,800 resistance. BTC could fall sharply if it falls below $107,500.
The following are technical indicators.
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $111,000, followed by $110,200.
Major Resistance Levels – $112,000 and $112,300.
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Source: www.newsbtc.com
