Bitcoin Price Struggles Near $113K – Will Bulls Force a Break?

Bitcoin price is struggling to recover above $112,500. BTC is now consolidating and might decline if there is a move below the $110,800 ￰0￱ started a recovery wave above the $110,800 ￰1￱ price is trading above $111,000 and the 100 hourly Simple moving ￰2￱ is a bullish trend line forming with support at $110,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might start another decline if it stays below the $113,000 ￰3￱ Price Faces Key Hurdles Bitcoin price started a fresh recovery wave from the $110,000 ￰4￱ managed to climb above the $110,800 and $111,200 resistance ￰5￱ bulls were able to push the price above the 50% Fib retracement level of the key decline from the $113,372 swing high to the $110,039 low.

However, the bears remained active near the $112,600 zone and prevented more ￰6￱ 76.4% Fib retracement level of the key decline from the $113,372 swing high to the $110,039 low acted as a ￰7￱ is now trading above $111,000 and the 100 hourly Simple moving average. Besides, there is a bullish trend line forming with support at $110,800 on the hourly chart of the BTC/USD ￰8￱ resistance on the upside is near the $111,750 ￰9￱ first key resistance is near the $112,000 ￰10￱ next resistance could be $112,550. A close above the $112,550 resistance might send the price further ￰11￱ the stated case, the price could rise and test the $113,000 resistance ￰12￱ more gains might send the price toward the $114,200 ￰13￱ main target could be $115,000.

Another Decline In BTC? If Bitcoin fails to rise above the $112,550 resistance zone, it could start a fresh ￰14￱ support is near the $110,800 level and the trend ￰15￱ first major support is near the $110,500 ￰16￱ next support is now near the $110,000 ￰17￱ more losses might send the price toward the $108,800 support in the near ￰18￱ main support sits at $107,500, below which BTC might decline ￰19￱ indicators: Hourly MACD – The MACD is now losing pace in the bullish ￰20￱ RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 ￰21￱ Support Levels – $110,800, followed by $110,000. Major Resistance Levels – $112,550 and $113,000.