Bitcoin continues to face strong bearish pressure, with price action struggling to hold above key support zones. After dipping as low as $110,650, $BTC BTC managed a slight recovery, climbing back over $112,200. However, resistance levels remain heavy, particularly near the $114,000 and $115,000 marks.




Current Market Snapshot




BTC recently rebounded above $112,000 but is still trading below both $114,000 and the 100-hour simple moving average (SMA). On the hourly BTC/USD chart, a descending trend line highlights resistance at $114,000. If bulls manage to push the price above $114,500, momentum could return, paving the way toward $115,500 and potentially $116,500.




Downside Risks Persist




The recovery has so far been capped, with Bitcoin slipping back under $113,200 in recent sessions. Immediate support lies at $112,500, followed by a stronger base around $112,200. If these levels fail, the next critical zone is $111,500, with a further breakdown exposing $110,650 and even $108,500 as potential downside targets.




Technical Indicators





  • MACD (Hourly): Sliding deeper into the negative zone.


  • RSI (Hourly): Below 50, signaling weakening momentum.


  • Key Supports: $112,200, $112,000, $111,500.


  • Key Resistances: $113,500, $114,000, $114,800.





Outlook




While short-term rebounds are possible, Bitcoin’s inability to break above $114,000 keeps the broader trend bearish. A decisive close above $114,800 could shift sentiment in favor of buyers, but until then, the market remains vulnerable to further declines.



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