Bitcoin price is struggling to settle above $112,500 and $113,000. BTC is now falling and could start a new decline below $108,000.
- Bitcoin started a fresh decline after failing to break the $113,000 resistance level.
- The price is moving below $110,000 and the 100-hour simple moving average.
- There is a bearish trend line forming with resistance at $110,500 on the hourly chart of the BTC/USD pair (data from Kraken).
- The pair could continue to move lower if it trades below the $107,500 zone.
Bitcoin price is falling again
Bitcoin price failed to break the resistance level of $113,000 and started a new decline. BTC broke below the $112,000 and $110,500 support levels and entered the bearish zone.
The price even dropped below $108,000. A low was formed at $107,483 and the price is now consolidating losses below the 23.6% Fib retracement level of the recent drop from $115,975 to the $107,483 low.
Bitcoin is now trading below $110,000 and the 100-hour simple moving average. Additionally, a bearish trend line is forming with resistance at $110,500 on the hourly chart of the BTC/USD pair. Current resistance to the upside is near the $109,500 level.
The first key resistance is near the $110,000 level. The next resistance could be $110,500 and the trend line. A close above the $110,500 resistance could further push the price higher. In the said case, the price could rise and test the $111,800 resistance as it is near the 50% Fib retracement level of the recent drop from $115,975 to the $107,483 low. Any further gains could send the price towards the $112,500 level. The next hurdle for the bulls could be $113,000.
Another BTC crash?
If Bitcoin fails to rise above the $110,000 resistance zone, another downtrend could begin. Current support is near the $108,000 level. The first major support is near the $107,500 level.
The next support is now near the $106,200 zone. Any further losses could send the price towards the $105,500 support in the near term. The main support is at $103,200, below which BTC may struggle to recover in the short term.
Technical indicators:
Hourly MACD – MACD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – RSI for BTC/USD is now below the 50 level.
Major support levels – $108,000 and then $107,500.
Major resistance levels – $110,000 and $110,500.
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