Bitcoin Price Breaks Down – Support Fails As Traders Question If Bulls Return

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 ￰0￱ started a fresh decline below the $112,500 ￰1￱ price is trading below $111,500 and the 100 hourly Simple moving ￰2￱ are two bearish trend lines forming with resistance at $110,500 and $113,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might continue to move down if it stays below the $113,000 ￰3￱ Price Dips Further 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 ￰4￱ decline gained pace below the $111,500 level.

A low was formed at $108,680 and the price is now consolidating ￰5￱ 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 ￰6￱ 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 ￰7￱ resistance on the upside is near the $109,920 ￰8￱ first key resistance is near the $110,500 level and the trend ￰9￱ 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 ￰10￱ the stated case, the price could rise and test the $112,500 ￰11￱ more gains might send the price toward the $113,000 ￰12￱ next barrier for the bulls could be $114,500. Another Decline In BTC? If Bitcoin fails to rise above the $110,500 resistance zone, it could start a fresh ￰13￱ support is near the $108,800 ￰14￱ first major support is near the $108,200 ￰15￱ next support is now near the $107,500 ￰16￱ more losses might send the price toward the $106,400 support in the near ￰17￱ main support sits at $105,500, below which BTC might struggle to recover in the short ￰18￱ indicators: Hourly MACD – The MACD is now gaining pace in the bearish ￰19￱ RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 ￰20￱ Support Levels – $108,800, followed by $108,200.

Major Resistance Levels – $110,500 and $113,000.