Bitcoin's Recovery Stalls: Can Bulls Break Key Resistance Levels? Bitcoin's recent attempt at price recovery has hit a snag, with the leading cryptocurrency displaying bearish signals below the $113,500 mark. BTC is currently grappling with significant resistance, challenging bulls to overcome crucial hurdles that will determine its immediate price direction.
Bitcoin Price Attempts Recovery Amidst Bearish Pressure
Following a fresh decline that saw Bitcoin dip below the $111,400 zone, the asset gained bearish momentum, trading beneath the $112,000 support level and the 100 hourly Simple Moving Average. The price further retreated below the $110,500 support, bottoming out around $108,734 before initiating a modest recovery wave. This upward movement pushed Bitcoin above the $111,200 level, surpassing the 23.6% Fibonacci retracement of its recent swing high of $117,354 to the low of $110,692. However, it continues to trade below $111,500 and the 100 hourly SMA, with a key bearish trend line forming resistance at $111,550. Overcoming the $112,000 and then the $113,000 resistance (which aligns with the 50% Fib retracement) is crucial for further gains, potentially targeting $114,200, $115,500, and ultimately $116,500.
Threat of Another Drop Looms
Should Bitcoin fail to breach the $111,550 resistance zone, a fresh decline could be triggered. Immediate support is anticipated near $110,500, followed by a major support level at $109,200. Further downside could test the $108,500 zone, and a break below this point might accelerate losses towards the $106,500 support. The ultimate critical support lies at $105,500, a level that, if broken, could lead to a more significant bearish acceleration. Technical indicators reinforce this cautious outlook, with the Hourly MACD losing pace in the bearish zone and the Hourly Relative Strength Index (RSI) for BTC/USD currently positioned below the 50 level.
- Major Support Levels: $108,500, $106,500
- Major Resistance Levels: $111,500, $113,000
