Bitcoin Price Warning: Is a Major Sell-Off Coming Next?

Bitcoin price is showing bearish signs below $112,000. BTC is struggling to recover and might start another decline below the $108,000 ￰0￱ started a fresh decline below the $112,550 ￰1￱ price is trading below $111,000 and the 100 hourly Simple moving ￰2￱ was a break below a bullish trend line with support at $108,450 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might start another decline if it breaks the $108,000 support ￰3￱ Price Dips Again Bitcoin price attempted a fresh recovery wave from the $107,352 ￰4￱ was able to climb above the $108,000 and $108,500 resistance ￰5￱ price cleared the 23.6% Fib retracement level of the key drop from the $113,457 swing high to the $107,352 low.

However, the bears remained active near $109,500 and prevented more ￰6￱ price is again moving lower below $109,000. There was a break below a bullish trend line with support at $108,450 on the hourly chart of the BTC/USD ￰7￱ is now trading below $109,000 and the 100 hourly Simple moving ￰8￱ resistance on the upside is near the $109,400 ￰9￱ first key resistance is near the $110,000 ￰10￱ next resistance could be $110,500 or the 50% Fib retracement level of the key drop from the $113,457 swing high to the $107,352 low. A close above the $110,500 resistance might send the price further ￰11￱ the stated case, the price could rise and test the $112,000 resistance ￰12￱ more gains might send the price toward the $112,500 ￰13￱ main target could be $113,500.

More Losses In BTC? If Bitcoin fails to rise above the $110,500 resistance zone, it could start a fresh ￰14￱ support is near the $108,000 ￰15￱ first major support is near the $107,400 ￰16￱ next support is now near the $106,500 ￰17￱ more losses might send the price toward the $105,500 support in the near ￰18￱ main support sits at $103,500, below which BTC might decline ￰19￱ indicators: Hourly MACD – The MACD is now gaining pace in the bearish ￰20￱ RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 ￰21￱ Support Levels – $107,400, followed by $106,500. Major Resistance Levels – $109,500 and $110,500.