Bitcoin Price Slips Below $110K, Is a Bigger Drop Coming?

Bitcoin price is gaining bearish momentum below $112,500. BTC is struggling to recover and might continue to move down toward the $105,500 ￰0￱ started a fresh decline below the $112,000 ￰1￱ price is trading below $112,000 and the 100 hourly Simple moving ￰2￱ is a key bearish trend line forming with resistance at $112,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might start another increase if it clears the $112,500 resistance ￰3￱ Price Dips Further Bitcoin price started a fresh decline after a close below the $113,500 ￰4￱ gained bearish momentum and traded below the $112,000 support ￰5￱ was a move below the $110,000 support zone and the 100 hourly Simple moving ￰6￱ pair tested the $108,750 zone.

A low was formed at $108,734 and the price is now attempting to ￰7￱ climbed above $109,500 but is still below the 23.6% Fib retracement level of the recent decline from the $117,354 swing high to the $110,692 ￰8￱ is now trading below $112,000 and the 100 hourly Simple moving ￰9￱ resistance on the upside is near the $110,750 ￰10￱ first key resistance is near the $112,500 ￰11￱ is also a key bearish trend line forming with resistance at $112,500 on the hourly chart of the BTC/USD ￰12￱ next resistance could be $113,000 or the 50% Fib retracement level of the recent decline from the $117,354 swing high to the $110,692 low. A close above the $113,000 resistance might send the price further ￰13￱ the stated case, the price could rise and test the $114,500 resistance ￰14￱ more gains might send the price toward the $115,500 ￰15￱ main target could be $116,500.

Another Decline In BTC? If Bitcoin fails to rise above the $112,000 resistance zone, it could start a fresh ￰16￱ support is near the $108,500 ￰17￱ first major support is near the $107,200 ￰18￱ next support is now near the $106,500 ￰19￱ more losses might send the price toward the $105,500 support in the near ￰20￱ main support sits at $103,500, below which BTC might accelerate ￰21￱ indicators: Hourly MACD – The MACD is now gaining pace in the bearish ￰22￱ RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 ￰23￱ Support Levels – $108,500, followed by $117,200. Major Resistance Levels – $110,500 and $112,500.