Bitcoin Price Under $113K Tests Support Amid Bearish Signals
Bitcoin price remains under bearish pressure below $113,000 after failing to hold recovery above key resistance levels. The BTC/USD pair dropped from a swing high near $117,355 and briefly rebounded at $108,750, but could not clear the 100-hour simple moving average or $112,500 resistance. Recent price action broke a bullish trend line at $112,000 and stalled near the 50% Fibonacci retracement of the drop from $117,355 to $110,734. Immediate resistance sits at $112,400 and $113,000, while support levels are at $110,750, $110,000 and $109,500. Technical indicators reinforce the downside bias: the hourly MACD is in bearish territory and the RSI is below 50. A close below $110,750 could trigger a deeper decline toward $108,500 and test $106,500. Conversely, a sustained rally above $113,500 would target $114,000 and $115,500. Traders should monitor these key support and resistance levels closely for directional cues.
Bearish
Bitcoin price remains below critical resistance and has broken key support, reinforcing bearish market sentiment. The failure to hold above the 100-hour SMA and the bearish MACD and RSI readings signal potential further downside. Short-term traders may encounter increased selling pressure as Bitcoin tests $110,750 and lower supports at $108,500 and $106,500. Unless Bitcoin rallies above $113,500 to reclaim momentum, the prevailing downtrend is likely to continue, prompting cautious positioning among market participants.