Bitcoin’s Decline Deepens — Key Support Levels in Focus as Bears Strengthen Grip

#BTC #FamilyOfficeCrypto #CryptoRally #Write2Earn $BTC

Bitcoin is attempting a rebound after testing lows near $110,650, with a modest recovery pushing it back above $112,200. However, several key resistance zones are capping its upside, particularly the $114,000 level.

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🔍 Current Market Overview

• BTC briefly reclaimed $112,000, but remains under pressure.

• Trading below $114,000 and the 100-hour Simple Moving Average (SMA).

• A downward trendline with resistance near $114,000 is visible on the hourly BTC/USD chart.

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⚔️ Resistance Levels to Watch

• Immediate resistance near $113,600.

• Major resistance sits at $114,000, aligned with the negative trendline.

• A breakout above $114,500 could open the door toward $114,800 – the 61.8% Fib retracement of the drop from $117,354 to $110,692.

• Sustained strength above $114,800 could push BTC to $115,500, with a possible extension to $116,500.

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⚠️ Risk of Another Pullback

If BTC fails to clear the $114,000 barrier:

• Immediate support lies at $112,500 and $112,200.

• A break below $111,500 could see BTC retest $110,650.

• Further weakness may expose the $108,500 support zone.

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📊 Technical Indicators

• MACD (Hourly): Momentum remains negative.

• RSI (Hourly): Below 50, indicating bearish pressure.

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🔑 Key Levels

• Support: $112,200, $112,000, $110,650, $108,500

• Resistance: $113,600, $114,000, $114,800, $115,500