Summary:
Bitcoin’s price is currently under pressure, struggling to recover above $112,000 after a recent decline from the $113,200 zone. Trading below key levels like $111,500 and the 100-hour Simple Moving Average (SMA), BTC faces potential further declines if it falls below $110,800. A bullish trend line at $111,000 offers temporary support, but the overall trend remains uncertain, with resistance levels at $112,000 and $112,300 acting as critical barriers for recovery.
What This Means for You:
- Monitor the $111,000 support level closely, as a break below could trigger further declines.
- Consider setting stop-loss orders around $110,800 to mitigate risks of sudden price drops.
- Watch for a breakout above $112,300 as a potential signal for renewed bullish momentum.
- Be cautious of market volatility, as failure to break key resistance levels may lead to extended losses.
Bitcoin Bulls on Edge – Is Another Sharp Decline Coming?
Bitcoin price is struggling to recover above $112,000. BTC is now consolidating and might decline if there is a move below the $110,800 level.
- Bitcoin started a fresh decline from the $113,200 zone.
- The price is trading below $111,500 and the 100 hourly Simple moving average.
- There is a bullish trend line forming with support at $111,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might start another decline if it stays below the $112,500 zone.
Bitcoin Price Remains At Risk
Bitcoin price started a fresh recovery wave from the $110,100 zone. BTC managed to climb above the $110,800 and $111,500 resistance levels.
The bulls were able to push the price above $112,500 and $113,000. However, the bears remained active near the $113,200 zone and prevented more gains. There was a fresh bearish reaction, and the price traded below $112,000. A low was formed at $110,820 and the price is now consolidating losses.
Bitcoin is now trading below $111,500 and the 100 hourly Simple moving average. Besides, there is a bullish trend line forming with support at $111,000 on the hourly chart of the BTC/USD pair. Immediate resistance on the upside is near the $111,700 level. The first key resistance is near the $112,000 level. It is near the 50% Fib retracement level of the recent decline from the $113,200 swing high to the $110,820 low.
The next resistance could be $112,300 or the 61.8% Fib level of the recent decline from the $113,200 swing high to the $110,820 low. A close above the $112,300 resistance might send the price further higher. In the stated case, the price could rise and test the $113,200 resistance level. Any more gains might send the price toward the $114,200 level. The main target could be $115,000.
More Losses In BTC?
If Bitcoin fails to rise above the $112,300 resistance zone, it could start a fresh decline. Immediate support is near the $111,000 level and the trend line. The first major support is near the $110,800 level.
The next support is now near the $110,200 zone. Any more losses might send the price toward the $108,800 support in the near term. The main support sits at $107,500, below which BTC might decline sharply.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $111,000, followed by $110,200.
Major Resistance Levels – $112,000 and $112,300.
Extra Information:
For a deeper understanding of Bitcoin’s technical analysis, check out BTCUSD on TradingView.com for real-time charts and indicators. Additionally, explore this article for an in-depth look at Bitcoin’s recent price struggles.
People Also Ask About:
- What causes Bitcoin price volatility? Bitcoin’s price is influenced by market demand, macroeconomic factors, and investor sentiment.
- How can I protect my Bitcoin investments during a decline? Use stop-loss orders and diversify your portfolio to minimize risks.
- What are key support and resistance levels in trading? Support levels are price points where buying interest is strong, while resistance levels are where selling pressure increases.
- Is Bitcoin a good long-term investment? Bitcoin has shown long-term growth potential, but it remains highly volatile, so careful research is essential.
Expert Opinion:
Bitcoin’s current price action highlights the importance of key support and resistance levels in determining short-term trends. While the bullish trend line at $111,000 provides temporary support, failure to break above $112,300 could lead to further declines. Investors should remain cautious and leverage technical indicators to navigate this volatile market.
Key Terms:
- Bitcoin price analysis
- BTCUSD technical indicators
- Cryptocurrency support and resistance
- Bitcoin market volatility
- BTC hourly chart analysis
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