Recent price action
Market data from Kraken shows Bitcoin started a recovery from the 110,100 zone and briefly climbed above 110,800 and 111,500. Bulls pushed the price above 112,500, but selling pressure emerged near 113,200 and capped the advance.
Following that rejection, Bitcoin slipped back below 112,000 and formed a low at 110,820. It is now trading under 111,500 and the 100 hourly simple moving average while holding a bullish trend line with support near 111,000 on the hourly chart.
Resistance and upside scenarios
Immediate resistance lies at 111,700, followed by 112,000. The next barrier is 112,300, which aligns with the 61.8 percent Fibonacci retracement level of the decline from 113,200 to 110,820. A decisive close above 112,300 could send the price toward 113,200, with further targets at 114,200 and 115,000 if buying momentum returns.
Support and downside risks
If Bitcoin fails to clear 112,300, bearish momentum could resume. The first line of defense is at 111,000, followed by 110,800. A move below those levels would put 110,200 at risk, which if breached may lead to a drop toward 108,800. The main longer term support sits at 107,500; a break below that level could trigger a sharper decline.
Technical indicators
- Hourly MACD is losing strength in the bullish zone.
- Hourly RSI for BTC/USD is below 50, indicating weakening momentum.
- Support: 111,000, 110,200, 108,800
- Resistance: 112,000, 112,300, 113,200
With Bitcoin struggling to overcome key resistance levels, the next sessions may determine whether BTC regains strength or faces another correction. Traders and investors should monitor 111,000 and 112,300 for directional cues.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions.
