Bitcoin Price Struggles Under Resistance – Will Bulls Fail and Bears Take Control?

Bitcoin price extended losses after it traded below $114,000. BTC is now consolidating losses and might decline further to test the $110,500 support ￰0￱ started a fresh decline below the $114,000 ￰1￱ price is trading below $114,000 and the 100 hourly Simple moving ￰2￱ is a bearish trend line forming with resistance at $113,600 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might start another increase if it clears the $114,000 ￰3￱ Price Starts Consolidation Bitcoin price failed to stay above the $115,500 zone and started a fresh ￰4￱ declined below the $115,000 and $114,000 support levels to enter a short-term bearish ￰5￱ decline gained pace below the $113,500 level.

A low was formed at $111,557 and the price is now consolidating losses below the 23.6% Fib retracement level of the recent decline from the $117,920 swing high to the $111,557 ￰6￱ is now trading below $113,200 and the 100 hourly Simple moving average . Besides, there is a bearish trend line forming with resistance at $113,600 on the hourly chart of the BTC/USD ￰7￱ resistance on the upside is near the $113,000 ￰8￱ first key resistance is near the $113,500 level and the trend ￰9￱ next resistance could be $114,000. A close above the $114,000 resistance might send the price further ￰10￱ the stated case, the price could rise and test the $114,750 resistance level or the 50% Fib retracement level of the recent decline from the $117,920 swing high to the $111,557 ￰11￱ more gains might send the price toward the $115,500 ￰12￱ next barrier for the bulls could be $116,250.

Another Decline In BTC? If Bitcoin fails to rise above the $114,000 resistance zone, it could start a fresh ￰13￱ support is near the $112,000 ￰14￱ first major support is near the $111,750 ￰15￱ next support is now near the $110,500 ￰16￱ more losses might send the price toward the $108,800 support in the near ￰17￱ main support sits at $107,500, below which BTC might gain bearish ￰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 – $112,000, followed by $111,750. Major Resistance Levels – $113,600 and $114,000.