Bitcoin is once again under pressure as its price hovers near crucial support levels. Analysts are closely monitoring the cryptocurrency's movements.
Recent Price Action
Market data from Kraken shows Bitcoin started a recovery from the 110,100 zone and briefly climbed above 110,800 and 111,500. Bulls attempted to push the price above 112,500, but selling pressure emerged at this level, capping the upward trend. Following that rejection, Bitcoin slipped back below 112,000, establishing a low at 110,820 and is now trading under 111,500 and the 100 hourly simple moving average.
Resistance and Upside Scenarios
Immediate resistance lies at 111,700, followed by 112,000. The next barrier is 112,300, which aligns with the 61.8 percent Fibonacci retracement level of the decline from 113,200 to 110,820. A decisive close above 112,300 could send the price toward 113,200, with further targets at 114,200 and 115,000 if buying momentum returns.
Support and Downside Risks
If Bitcoin fails to clear 112,300, bearish momentum could resume. The first line of defense is at 111,000, followed by 110,800. A move below those levels would put 110,200 at risk, which if breached may lead to a drop toward 108,800. The main longer term support sits at 107,500; a break below that level could trigger a sharper decline.
Bitcoin continues to face challenges at key resistance levels. The upcoming sessions may determine whether BTC regains strength or faces another correction. Traders and investors should monitor 111,000 and 112,300 for directional cues.
