Bitcoin (BTC) continues to strive for recovery after recent declines while remaining under pressure from key resistance levels.
Resistance Levels
Bitcoin is attempting to grow after testing support at $112,400. Currently, immediate resistance is found at $114,800, which aligns with a bearish trend line on the hourly chart. A break above $115,000 could open the path to test the $115,500 level.
Risk of Fresh Decline
If Bitcoin fails to reclaim $115,000, it could lead to renewed selling pressure. Immediate support is at $113,500, followed by $112,400. If bears regain control, Bitcoin risks sliding to $111,500, with deeper losses potentially dragging the price down to $110,000 or even $108,000.
Technical Outlook
Technical indicators show market uncertainty. The hourly MACD is losing strength in the bearish zone, while the Relative Strength Index (RSI) for BTC/USD is hovering slightly above 50, signaling indecision between buyers and sellers. Bitcoin's near-term direction now hinges on whether bulls can break through the $115,000 and $115,500 resistance levels or if bears will enforce a deeper correction.
Bitcoin continues to face hurdles on its path to recovery, and its future movements will depend on its ability to overcome key resistance and support levels.
