Bitcoin Price Extends Bearish Break Below Key Supports
Bitcoin price extended its decline after breaching multiple support levels. Bitcoin price slipped below $113,000 and $112,500, trading under the 100-hour SMA. The drop accelerated to a low near $111,111 before plunging further to around $108,680, where it consolidated near the 23.6% Fibonacci retracement of the $117,920–$111,111 swing. Immediate resistance sits at $109,920 and the $110,500 trend line, with stronger barriers at $111,300 (50% Fib) and $112,500. On the downside, key support zones are at $108,800, $108,200 and $107,500, with a major floor at $105,500. Hourly MACD remains bearish, and RSI is below 50, signaling sustained downside momentum. Failure to reclaim trend-line resistance could see further losses toward $106,400. Traders should monitor these levels for short-term position adjustments.
Bearish
Bitcoin’s breach of key supports at $113,000, $112,500 and the 100-hour SMA, followed by lows near $108,680, confirms strong selling pressure. Bearish MACD and RSI below 50 indicate persistent downward momentum. Traders may target lower support levels around $108,200 and $107,500 if the price fails to reclaim resistance at $110,500–$111,300. This development suggests continued short-term selling and potential longer-term consolidation below major floors near $105,500, maintaining a negative outlook for Bitcoin price in the absence of a decisive reversal.