Bitcoin price is struggling to recover above $112,000. BTC is now consolidating and might decline if there is a move below the $110,800 level.
The bulls were able to push the price above $112,500 and $113,000. However, the bears remained active near the $113,200 zone and prevented more gains. There was a fresh bearish reaction, and the price traded below $112,000. A low was formed at $110,820 and the price is now consolidating losses.
The next resistance could be $112,300 or the 61.8% Fib level of the recent decline from the $113,200 swing high to the $110,820 low. A close above the $112,300 resistance might send the price further higher. In the stated case, the price could rise and test the $113,200 resistance level. Any more gains might send the price toward the $114,200 level. The main target could be $115,000.
If Bitcoin fails to rise above the $112,300 resistance zone, it could start a fresh decline. Immediate support is near the $111,000 level and the trend line. The first major support is near the $110,800 level.
The next support is now near the $110,200 zone. Any more losses might send the price toward the $108,800 support in the near term. The main support sits at $107,500, below which BTC might decline sharply.
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.
