Bitcoin Price Struggles to Rebound – Signs of a Bigger Crash Ahead?

Bitcoin price is showing bearish signs below $113,000. BTC is struggling to recover and might start another decline below the $110,500 ￰0￱ started a recovery wave from the $108,750 ￰1￱ price is trading below $112,500 and the 100 hourly Simple moving ￰2￱ was a break above a key bearish trend line with resistance at $111,350 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might start another increase if it clears the $113,000 resistance ￰3￱ Price Attempts Fresh Increase Bitcoin price extended losses after close below the $112,000 ￰4￱ gained bearish momentum and traded below the $111,500 support ￰5￱ was a move below the $110,500 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 recently started a recovery ￰7￱ was a move above the $112,000 ￰8￱ price surpassed the 23.6% Fib retracement level of the key drop from the $117,354 swing high to the $110,734 low. Besides, there was a break above a key bearish trend line with resistance at $111,350 on the hourly chart of the BTC/USD ￰9￱ is now trading below $112,500 and the 100 hourly Simple moving ￰10￱ resistance on the upside is near the $112,500 ￰11￱ first key resistance is near the $113,000 level or the 50% Fib retracement level of the key drop from the $117,354 swing high to the $110,734 ￰12￱ next resistance could be $114,000. A close above the $114,000 resistance might send the price further ￰13￱ the stated case, the price could rise and test the $115,000 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 $113,000 resistance zone, it could start a fresh ￰16￱ support is near the $110,600 ￰17￱ first major support is near the $109,500 ￰18￱ next support is now near the $108,750 ￰19￱ more losses might send the price toward the $107,100 support in the near ￰20￱ main support sits at $105,500, below which BTC might accelerate ￰21￱ indicators: Hourly MACD – The MACD is now losing pace in the bearish ￰22￱ RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 ￰23￱ Support Levels – $110,600, followed by $109,500. Major Resistance Levels – $112,500 and $113,000.