Bitcoin ($BTC ) continues to face selling pressure after slipping below key support levels. The leading cryptocurrency recently tested the $110,650 zone, before attempting a mild rebound back above $112,200.
Despite the recovery, BTC remains under its 100-hour Simple Moving Average (SMA) and below a key resistance trend line at $114,000, signaling ongoing bearish momentum.
Key Levels to Watch
Immediate Resistance: $113,500 and $114,000
Major Hurdle: $114,800 (61.8% Fib retracement)
Upside Target if Broken: $115,500–$116,500
Immediate Support: $112,500 and $112,200
Critical Support Zone: $111,500–$110,650
Deeper Risk: Below $108,500
Indicators
MACD (Hourly): Bearish, trading in the negative zone.
RSI (Hourly): Below 50, showing weak buying momentum.
Outlook
Unless Bitcoin clears $114,000–$114,800 resistance, the bears are likely to maintain control. Failure to hold $112,200 support could open the door for a deeper decline toward $110,650 or even $108,500.
For now, BTC remains in a make-or-break zone, with bears tightening their grip while bulls struggle to regain momentum.$BTC