Bitcoin Price extended its loss after falling below $112,500. BTC is currently consolidating losses and could decline again to test its $108,500 support zone.
- Bitcoin has begun a new decline below the $112,500 zone.
- The price is below $111,500 and trades a simple 100-hour moving average.
- The BTC/USD pair (data feed from Kraken) forms two bearish trend lines with resistance of $110,500 and $113,000.
- The pair could continue to fall if they are below the $113,000 zone.
Bitcoin prices drop even further
Bitcoin prices were unable to begin a recovery wave, falling below $114,000. BTC moved to the bear zone below its support levels of $112,500 and $112,000.
The decline fell below the $111,500 level. The lowest is formed at $108,680, and the price consolidates the losses. There was a slight movement towards a 23.6% FIB retracement level, a recent decline from a swing high of $113,939 to a low of $108,680.
Bitcoin is currently below $112,500 and trades a simple moving average every 100 hours. What’s more, the BTC/USD pair hourly wage chart has two bearish trendlines with resistance formed at $110,500 and $113,000.
Immediate resistance is close to the $109,920 level. The first important resistance is close to the $110,500 level and trendline. The next resistance could be at $111,300 or a 50% FIB retracement level from the recent $113,939 Swing High to the $108,680 low.
Over $111,300 resistance could lead to even higher prices. If stated, the price could rise and test a $112,500 resistance. Any further profit could potentially send the price towards the $113,000 level. The Bulls’ next barrier could be $114,500.
Another reduction in BTC?
If Bitcoin cannot rise above the $110,500 resistance zone, it could begin a new decline. Immediate support is close to the $108,800 level. The first major support is close to the $108,200 level.
The following support is located near the $107,500 zone: Any further losses could send the price to $106,400 in the short term. The main support is $105,500, and then BTC may struggle to recover in the short term.
Technical indicators:
HOURLY MACD – MACD is currently increasing its pace in the bear zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is below 50 level.
Key support levels – $108,800, then $108,200.
Major resistance levels – $110,500 and $113,000.
