Bitcoin price started a recovery wave from $103,300. BTC is back above $110,000 but faces many significant hurdles at $110,500 and $112,000.
Bitcoin Price Attempts Steady Recovery
After facing rejection of nearly $116,000, Bitcoin saw a fresh decline below the $115,000 pivot level. There was a sharp decline below $112,000 and $110,000. The price traded below a key bullish trend line with support at $110,500 on the daily chart.
Finally, BTC spiked below $105,000 and tested $103,500. A low was formed at $103,310, and the price is now recovering some losses. There was a move above $106,500 and $108,000. The bulls even pushed the price above the 23.6% Fib retracement level of the recent drop from the $126,110 swing high to the $103,310 low.
Bitcoin is still well below the $115,000 pivot level and the 50-day simple moving average (blue). The current price action is positive, but the bulls face an uphill task.
Immediate resistance on the upside is $110,600 and the same trend line, which might now act as a hurdle. The first major sell zone is $112,000. If the bulls remain in action, they could attempt to clear $112,000.
If they succeed, the price could stage a fresh surge. The first stop for the bulls above $112,000 could be $115,000 since it is a key inflection point. It also coincides with the 50-day simple moving average (blue) and the recent drop’s 50% Fib retracement level from the $126,110 swing high to the $103,310 low.
A close above $115,000 might set the pace for a larger increase. BTC could aim for a move toward $117,500 in the stated case. Any more gains could open the doors for a test of $120,000.
Another Decline In BTC?
If Bitcoin fails to overcome $110,600 or $112,000, there could be a fresh decline. Immediate support is near the $109,200 level. The first major support is $108,000. A downside break and close below $108,000 might increase selling pressure on BTC.
In the stated case, the price could decline toward $106,500. The main support sits near $103,300. A daily close below $103,300 could start a major decline in the coming weeks. The bears might even aim to push the price below $100K in the stated case.
Overall, Bitcoin is attempting to recover above $108,000 and $110,000. The current technical structure is positive, but the bulls need to clear the $110,600 and $112,000 hurdles to increase the price.