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 ￰0￱ started a fresh decline from the $113,200 ￰1￱ price is trading below $111,500 and the 100 hourly Simple moving ￰2￱ 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 ￰3￱ Price Remains At Risk Bitcoin price started a fresh recovery wave from the $110,100 ￰4￱ managed to climb above the $110,800 and $111,500 resistance ￰5￱ 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 ￰6￱ 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 ￰7￱ 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 ￰8￱ resistance on the upside is near the $111,700 ￰9￱ first key resistance is near the $112,000 ￰10￱ is near the 50% Fib retracement level of the recent decline from the $113,200 swing high to the $110,820 ￰11￱ 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 ￰12￱ the stated case, the price could rise and test the $113,200 resistance ￰13￱ more gains might send the price toward the $114,200 ￰14￱ 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 ￰15￱ support is near the $111,000 level and the trend ￰16￱ first major support is near the $110,800 ￰17￱ next support is now near the $110,200 ￰18￱ more losses might send the price toward the $108,800 support in the near ￰19￱ main support sits at $107,500, below which BTC might decline ￰20￱ indicators: Hourly MACD – The MACD is now losing pace in the bullish ￰21￱ RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 ￰22￱ Support Levels – $111,000, followed by $110,200.

Major Resistance Levels – $112,000 and $112,300.