Bitcoin Attempts Recovery Amid Resistance Challenges
- Bitcoin price is attempting to recover above the $108,500 and $108,800 levels.
- Bitcoin is trading above $109,000 and the 100 hourly Simple Moving Average.
- Immediate resistance is near the $111,200 level, with further resistance at $112,500.
- Support levels are identified at $109,500 and $108,800.
The BTC/USD pair shows signs of recovery as it trades above key support levels while facing significant resistance at higher levels. A successful move above these resistances could lead to further gains.
If Bitcoin fails to surpass the $111,200 resistance zone, it may face a fresh decline towards lower support areas like $107,400 or even lower at $106,500. (Source)
