Bitcoin Price Consolidates Near $109.5K Ahead of Key $110.5K Test
Bitcoin price retreated below $112,000 and found support near $107,350. It recovered to around $109,500, breaking above a short-term contracting triangle at $108,800. The 100-hour SMA at $110,000 remains a barrier.
Bitcoin price must clear $109,500 and the 50% Fibonacci retracement near $110,500 to sustain bullish momentum. On a successful rally above $110,500, Bitcoin price could test $111,650 and aim for $113,500. Failure to clear $110,500 may push the price down to $108,800, then $108,200 and possibly $105,500.
Technical indicators are mixed. The hourly MACD remains in the bearish zone but shows waning momentum. The RSI sits above 50, hinting at a possible bullish reversal.
Neutral
The market is in a consolidation phase, with Bitcoin price caught between key resistance at $110,500 and support near $108,800. Similar consolidations in mid-2023 led to both sharp breakouts and declines, depending on broader market sentiment. The mixed technical signals—waning bearish MACD versus RSI above 50—suggest traders are awaiting clear direction. In the short term, a break above $110,500 could trigger a bullish rally toward $113,500, while failure may expose BTC to a drop below $105,500. Over the long term, sustained trading above the 100-hour SMA and critical Fibonacci levels could reaffirm bullish trend, but a decisive breach of support could accelerate a bearish correction.