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Bitcoin price extended losses after it traded below $112,500. BTC is now consolidating losses and might decline again to test the $108,500 support zone.
Bitcoin price failed to start a recovery wave and stayed below $114,000. BTC declined below the $112,500 and $112,000 support levels to move further into a bearish zone.
The decline gained pace below the $111,500 level. A low was formed at $108,680 and the price is now consolidating losses. There was a minor move toward the 23.6% Fib retracement level of the recent decline from the $113,939 swing high to the $108,680 low.
Bitcoin is now trading below $112,500 and the 100 hourly Simple moving average. Besides, there are two bearish trend lines forming with resistance at $110,500 and $113,000 on the hourly chart of the BTC/USD pair.
Immediate resistance on the upside is near the $109,920 level. The first key resistance is near the $110,500 level and the trend line. The next resistance could be $111,300 or the 50% Fib retracement level of the recent decline from the $113,939 swing high to the $108,680 low.
A close above the $111,300 resistance might send the price further higher. In the stated case, the price could rise and test the $112,500 resistance. Any more gains might send the price toward the $113,000 level. The next barrier for the bulls could be $114,500.
If Bitcoin fails to rise above the $110,500 resistance zone, it could start a fresh decline. Immediate support is near the $108,800 level. The first major support is near the $108,200 level.
The next support is now near the $107,500 zone. Any more losses might send the price toward the $106,400 support in the near term. The main support sits at $105,500, below which BTC might struggle to recover in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
