Bitcoin is struggling to recover above the important resistance area of $116,200. After the recent decline, BTC is currently in an accumulation phase, but the risk of a deep drop below $112,500 still exists.

Recent Developments

From the $115,500 area, Bitcoin began a new decline, pulling the price below $114,000 and also below the 100-hour simple moving average (SMA 100). After that, BTC found support around $112,000 and began to recover slightly, surpassing the levels of $113,200 and $114,000.

This rally also helped the price exceed the 23.6% Fib retracement level of the decline from the peak of $118,918 to the bottom of $112,000. However, buying pressure was quickly halted when reaching the resistance area of $115,500 – corresponding to the 50% Fib retracement of the previous decline.

On the hourly chart, a downward trend line is still forming with resistance around $114,400, while the price remains capped below the 100-hour SMA. This indicates that selling pressure is still strong.

Important Resistance Areas

  • Nearest resistance: $114,000

  • Major resistance: $115,000

  • Deciding area: $115,500 – if BTC closes steadily above this level, the price could continue to rise to $116,500, even $118,000.

  • Higher target: $120,000 if buying pressure remains strong.

Bearish Scenario

If Bitcoin cannot break through the $115,000 – $115,500 range, a new decline may occur.

  • Nearest support: $113,200

  • Important support: $112,500

  • Strong support: $112,000 – if broken, the price could plunge to $110,500, even $108,500.

Technical Signal

  • MACD (1-hour timeframe): Continuing to accelerate in the bearish zone.

  • RSI (1-hour timeframe): Remaining below 50, indicating that the bears are still dominant.

Summary

Bitcoin is currently stuck between strong selling pressure at $115,500 and support at $112,500. If it breaks the resistance, BTC could recover to the $116,500 – $118,000 range. Conversely, if it fails, the price risks sharply turning down to $110,500 or lower. $BTC