Well, it looks like Bitcoin is having a bit of a tough time getting back above that $112,500 mark. After a small recovery, things seem to have stalled. The price is sort of hovering, and honestly, if it slips below $110,800, we might see another dip. Not a great sign for the bulls.
Where Bitcoin Stands Now
Bitcoin did manage to claw its way back from around $110,000. It pushed past a couple of minor resistance points, which was encouraging. It even got past the halfway point of that recent drop from over $113,000 down to about $110,000. But then it just… stopped. Sellers seemed to step in again around $112,600, putting a lid on things for now.
So where does that leave us? The price is still above $111,000 and, importantly, above the 100-hour simple moving average. There’s also this short-term bullish trend line on the charts offering some support right at that $110,800 level. It’s a bit of a safety net, for the moment.
The Next Big Hurdles
The immediate challenge is up around $111,750. If it can get through that, the next big test is $112,000, and then the real wall is at $112,550. A solid close above that last one could really open the door for a run toward $113,000. Maybe even higher, perhaps testing $114,200. I think a lot of people are still looking toward $115,000, but that feels a ways off right now.
Or Could It Drop Again?
But that’s the optimistic view. The other side of the coin is that if it can’t break through that $112,550 barrier, we could be looking at another slide. That trend line support at $110,800 is key. If that gives way, the next stop might be $110,500, and then the major support zone around $110,000 itself.
A break below that could get messy. The next significant floor might be down near $108,800, and if things really fall apart, there’s a major support level all the way down at $107,500. That’s a scenario the market would really prefer to avoid.
The technical indicators aren’t giving a super clear signal right now. The hourly MACD is still positive but it’s losing steam. The RSI has dipped back below 50, which suggests momentum might be waning a little. It’s a waiting game to see which way it breaks.
