Bitcoin Price Continues Downward Trend Below Key Support Levels
- Bitcoin price declined below the $112,500 and $112,000 support levels.
- BTC is trading below $111,500 and the 100 hourly Simple moving average.
- Two bearish trend lines are forming with resistance at $110,500 and $113,000 on the hourly chart of BTC/USD.
- A low was formed at $108,680 with potential further declines if BTC stays below the $113,000 zone.
- Immediate support is near the $108,800 level with major support at $108,200.
The Bitcoin price has extended its losses after failing to recover above key resistance levels such as $114,000 and now consolidates below significant thresholds like $112,500 and the hourly simple moving average of $111,500. The presence of bearish trend lines suggests potential for further decline unless a break above these resistances occurs.
With immediate support around $108,800 and major support at $108,200, Bitcoin’s ability to stabilize or recover remains uncertain as it continues to face downward pressure in a bearish market environment. (Source)
