Bitcoin Price Faces Pressure: Technicals Signal Another Decline Ahead

Bitcoin price is showing bearish signs below $113,000. BTC is struggling to recover and might start another decline below the $111,000 ￰0￱ started a recovery wave above the $109,550 ￰1￱ price is trading below $112,000 and the 100 hourly Simple moving ￰2￱ was a break below a key bullish trend line with support at $112,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might start another decline if it breaks the $110,750 support ￰3￱ Price Dips Again Bitcoin price attempted a fresh recovery wave from the $108,734 ￰4￱ was able to climb above the $109,500 and $110,000 resistance ￰5￱ price surpassed the 23.6% Fib retracement level of the key drop from the $117,355 swing high to the $110,734 ￰6￱ bulls even pushed the price above the $112,500 resistance zone.

However, the price struggled to stay above the $113,000 ￰7￱ retreated from the 50% Fib level of the key drop from the $117,355 swing high to the $110,734 low. Besides, there was a break below a key bullish trend line with support at $112,000 on the hourly chart of the BTC/USD ￰8￱ is now trading below $112,000 and the 100 hourly Simple moving ￰9￱ resistance on the upside is near the $112,400 ￰10￱ first key resistance is near the $113,000 ￰11￱ next resistance could be $113,500. A close above the $113,500 resistance might send the price further ￰12￱ the stated case, the price could rise and test the $114,000 resistance ￰13￱ more gains might send the price toward the $115,500 ￰14￱ main target could be $116,500.

More Losses In BTC? If Bitcoin fails to rise above the $113,000 resistance zone, it could start a fresh ￰15￱ support is near the $110,750 ￰16￱ first major support is near the $110,000 ￰17￱ next support is now near the $109,500 ￰18￱ more losses might send the price toward the $108,500 support in the near ￰19￱ main support sits at $106,500, below which BTC might decline ￰20￱ indicators: Hourly MACD – The MACD is now gaining pace in the bearish ￰21￱ RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 ￰22￱ Support Levels – $110,750, followed by $109,500. Major Resistance Levels – $112,500 and $113,000.