At the time of writing, BTC is trading below $111,000 and the 100-hourly simple moving average, signaling weakness in the short-term trend. Despite a brief recovery attempt above $112,000 earlier this week, Bitcoin failed to sustain gains and quickly reversed near $113,500, according to data from Kraken.
Resistance Levels Cap Upside Momentum
Bitcoin attempted a rebound from the $110,000 support zone, with prices testing as high as $113,372 before sellers took control. The current consolidation is holding near $110,500, supported by a short-term bullish trend line.
However, analysts note that BTC faces stiff resistance at $111,700 and $112,580. A breakout above these levels could open the door for a move toward $113,500, with potential upside targets at $114,200 and even $115,000 if momentum builds.
Key Supports Hold the Line
If Bitcoin fails to recover above $112,000, a fresh decline remains likely. Immediate support lies at $110,500, followed by $110,000. A decisive break below these zones could push BTC toward $109,350 and $108,500, with the main bearish target set near $107,500.
Technical signals are showing mixed sentiment. The Hourly MACD is losing strength in the bullish zone, while the RSI has slipped below the 50 level, indicating a possible continuation of selling pressure.
Market Outlook
Bitcoin’s price action remains in a tight consolidation phase, and traders are watching closely to see if bulls can defend the $110,000 support zone. A failure here could trigger a deeper correction, while a successful breakout above $112,580 may revive short-term bullish momentum.
As of now, BTC’s ability to reclaim higher resistance levels will determine whether the next major move favors bulls or bears.
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.
