
Jakarta, Pintu News – Bitcoin is currently struggling to recover above $112,000. With conditions still unstable, there is a possibility that the cryptocurrency will experience a decline if it drops below the $110,800 level.

Bitcoin (BTC) has recently started a recovery wave from the $110,100 zone. The currency managed to break through resistance at $110,800 and $111,500. Market rulers managed to push the price past $112,500 and $113,000. However, sellers are still active near the $113,200 zone and are blocking further gains.
As a result, there was a bearish reaction and the price dropped back below $112,000, with a low formed at $110,820. Currently, Bitcoin (BTC) is consolidating its losses. Currently, Bitcoin (BTC) is trading below $111,500 and the 100 hourly simple moving average.
Moreover, there is a bullish trend line formed with support at $111,000 on the hourly chart of the BTC/USD pair. The immediate resistance on the upside is near the $111,700 level. The first key resistance is near the $112,000 level, which is near the 50% Fib retracement level of the last drop from $113,200 to $110,820.
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The next resistance could be at $112,300 or the 61.8% Fib level of the last drop from $113,200 to $110,820. A close above the $112,300 resistance could push the price higher. In that case, the price could rise and test the $113,200 resistance. A further increase would probably send the price towards $114,200.
The primary target could be at $115,000. If Bitcoin (BTC) fails to rise above the $112,300 resistance zone, it could trigger a fresh decline. Immediate support is near the $111,000 level and the trend line. The first major support is near the $110,800 level.
The next support is now near the $110,200 zone. Further losses will probably send the price towards the $108,800 support in the near term. Key support is at $107,500, below which Bitcoin (BTC) may experience a sharp decline. Technical indicators:
With volatile market conditions, investors and market watchers should remain vigilant on Bitcoin (BTC) price movements. Monitoring technical indicators and support and resistance levels can provide better insights in making investment decisions.
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.