After failing to effectively break through the resistance level of $113,500, the price of Bitcoin has shown signs of weakness and is currently oscillating below $111,500. Technical indicators indicate a bearish short-term trend; if it cannot reclaim the key resistance area of $113,000, it may further dip to the support levels of $108,500 and even $106,500. This article analyzes the hourly MACD and RSI indicators to provide key point trading strategies for encryption traders.
Bitcoin market is facing a key resistance test
The price of Bitcoin has started a new round of decline after failing to hold the support level at $112,500, consecutively breaking through the two key technical thresholds of $111,400 and $110,500, and even briefly dipping to the weekly low of $108,750. Although there was a rebound afterwards and it rose back above $111,200, the current price is still below the 100-hour moving average, showing an overall weak trend.
The trend line on the hourly chart shows clear resistance.
(Source: TradingView)
From the technical chart observation, a key bearish trend line has formed on the hourly chart of the BTC/USD trading pair, with its resistance level currently located around $111,550. This position coincides closely with the 23.6% Fibonacci retracement level (from the high of $117,354 to the low of $110,692), constituting an important recent bullish-bearish watershed.
Breakthrough resistance, pay attention to these target levels
If the price can effectively break through the resistance level of the trend line at $111,550, subsequent attention should be paid to the breakthrough situation at the psychological level of $112,000 and $113,000 (50% Fibonacci retracement level). After successfully reclaiming this area, the upward target can be seen at $114,200, and a strong breakthrough may even challenge the highs of $115,500 and $116,500, which is of significant reference value for judging the future trend of Bitcoin.
Downward risk and support level analysis
If the rebound fails to break through the resistance level of $111,550, Bitcoin may begin a new round of decline. Immediate support is at $110,500, with important support zones concentrated in the range of $109,200-$108,500. If the support at $108,500 is lost, the price may accelerate to dip to the strong support area of $106,500 or even $105,500, and investors need to be cautious of market volatility risks.
technical indicator signal interpretation
The hourly MACD indicator is still in the bearish zone, but the downward momentum has slowed down. The RSI (Relative Strength Index) continues to operate below the neutral line of 50, indicating that sellers remain in control. Traders should pay attention to the changes in Bitcoin spot prices and futures funding rates, and develop risk management strategies based on volatility indicators.
Conclusion
The current Bitcoin price is at a key decision-making point, with a resistance level of $113,000 and a support level of $108,500 forming a short-term oscillation range. It is recommended that cryptocurrency investors closely monitor changes in trading volume and breakout signals, maintaining cautious operations until a clear trend has formed, and setting reasonable take-profit and stop-loss positions. In the medium to long term, the fundamentals of the Bitcoin ecosystem and the direction of institutional funds remain the core factors affecting the price.
(This analysis is for reference only and does not constitute investment advice. Cryptocurrency investment carries high risks, please make decisions carefully.)
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Bitcoin fails to break through $113,000: Depth Technical Analysis and trading strategy at $108,500 support level | BTC price prediction
After failing to effectively break through the resistance level of $113,500, the price of Bitcoin has shown signs of weakness and is currently oscillating below $111,500. Technical indicators indicate a bearish short-term trend; if it cannot reclaim the key resistance area of $113,000, it may further dip to the support levels of $108,500 and even $106,500. This article analyzes the hourly MACD and RSI indicators to provide key point trading strategies for encryption traders.
Bitcoin market is facing a key resistance test
The price of Bitcoin has started a new round of decline after failing to hold the support level at $112,500, consecutively breaking through the two key technical thresholds of $111,400 and $110,500, and even briefly dipping to the weekly low of $108,750. Although there was a rebound afterwards and it rose back above $111,200, the current price is still below the 100-hour moving average, showing an overall weak trend.
The trend line on the hourly chart shows clear resistance.
(Source: TradingView)
From the technical chart observation, a key bearish trend line has formed on the hourly chart of the BTC/USD trading pair, with its resistance level currently located around $111,550. This position coincides closely with the 23.6% Fibonacci retracement level (from the high of $117,354 to the low of $110,692), constituting an important recent bullish-bearish watershed.
Breakthrough resistance, pay attention to these target levels
If the price can effectively break through the resistance level of the trend line at $111,550, subsequent attention should be paid to the breakthrough situation at the psychological level of $112,000 and $113,000 (50% Fibonacci retracement level). After successfully reclaiming this area, the upward target can be seen at $114,200, and a strong breakthrough may even challenge the highs of $115,500 and $116,500, which is of significant reference value for judging the future trend of Bitcoin.
Downward risk and support level analysis
If the rebound fails to break through the resistance level of $111,550, Bitcoin may begin a new round of decline. Immediate support is at $110,500, with important support zones concentrated in the range of $109,200-$108,500. If the support at $108,500 is lost, the price may accelerate to dip to the strong support area of $106,500 or even $105,500, and investors need to be cautious of market volatility risks.
technical indicator signal interpretation
The hourly MACD indicator is still in the bearish zone, but the downward momentum has slowed down. The RSI (Relative Strength Index) continues to operate below the neutral line of 50, indicating that sellers remain in control. Traders should pay attention to the changes in Bitcoin spot prices and futures funding rates, and develop risk management strategies based on volatility indicators.
Conclusion
The current Bitcoin price is at a key decision-making point, with a resistance level of $113,000 and a support level of $108,500 forming a short-term oscillation range. It is recommended that cryptocurrency investors closely monitor changes in trading volume and breakout signals, maintaining cautious operations until a clear trend has formed, and setting reasonable take-profit and stop-loss positions. In the medium to long term, the fundamentals of the Bitcoin ecosystem and the direction of institutional funds remain the core factors affecting the price.
(This analysis is for reference only and does not constitute investment advice. Cryptocurrency investment carries high risks, please make decisions carefully.)