Bitcoin price is struggling to settle above $113,500 and $114,000. BTC is now consolidating and may start another decline below $110,000.
- Bitcoin started a new decline after failing to clear the $114,000 resistance level.
- The price is trading below the $113,000 level and the 100 hourly simple moving average.
- There is a downtrend line forming with resistance at $112,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may continue to move lower if it trades below the $110,200 area.
Bitcoin price faces hurdles
Bitcoin price started a Recovery wave Above the $112,500 resistance level. BTC rebounded above the $112,800 and $113,000 resistance levels.
The price rose above the 50% Fib retracement level of the recent decline from the high of $115,975 to the low of $110,000. The bulls even pushed the price above the $113,500 resistance level. However, there are many hurdles to the upside.
Bitcoin is now trading below the $113,000 level and the 100 hourly simple moving average. Additionally, there is a downtrend line forming with resistance at $112,000 on the hourly chart of the BTC/USD pair.
Immediate resistance on the upside is near the $112,000 level. First key resistance It is approaching the $113,000 level. The next resistance could be at $113,700 and the 61.8% Fib retracement level of the recent decline from the high of $115,975 to the low of $110,000.
A close above the $113,700 resistance level could send the price higher. In the mentioned case, the price may rise and test the $114,500 resistance level. Any further gains could push the price towards the $115,250 level. The next barrier for the bulls could be $115,500.
Another drop in BTC?
If Bitcoin fails to rise above the $113,000 resistance area, it could start a new decline. Immediate support is located near the $110,200 level. The first major support is near the $110,000 level.
The next support is now near the $109,500 area. Any further losses could send the price towards the $108,500 support level in the near term. The main support is located at $107,200, below which BTC may have difficulty recovering in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Key Support Levels – $110,200, followed by $110,000.
Major resistance levels – $112,000 and $113,000.
