Bitcoin Price Consolidates Near $110,500 as Key Resistance Holds

Well, Bitcoin’s having a bit of a tough time up here. It just can’t seem to get a solid footing above that $111,500 mark, and honestly, it feels like it’s just hanging around, waiting for a push in one direction or the other. If it slips below $110,000, I think we might see things turn a bit more sour.

Where Things Stand Right Now

There was a bit of a recovery attempt earlier. It managed to climb back above $110,500, which was something. But the momentum just didn’t hold. It’s currently trading under $111,000, and it’s also sitting below the 100-hour simple moving average. That’s usually not a great sign for the short-term mood.

There is a small bright spot, maybe. A bullish trend line is forming on the hourly chart, offering some support right around $110,500. That could help catch it if it falls. But it’s a bit of a fragile lifeline.

The Resistance Hurdle

The real problem is overhead. Every time it tries to push toward $111,250, it gets pushed back. The bigger challenge is up near $111,700. That’s a 50% retracement of the recent drop from the $113,372 high. To really turn the sentiment around, it would need a strong close above $112,580. If it can somehow do that, then a run toward $113,500 or even $114,200 isn’t out of the question. But that feels like a big ‘if’ right now.

The Risk of Another Slide

But if it can’t break through that $112,000 ceiling? Then another drop seems pretty likely. All eyes would be on that trend line support at $110,500. If that gives way, then a retest of the $110,000 level is almost a given. Falling further, the next major stop would be around $109,350. A break below that could really open the doors to a steeper fall, perhaps toward $108,500. The bigger, scarier support level to watch is way down at $107,500.

The technical indicators aren’t exactly screaming optimism either. The hourly MACD, while still in bullish territory, is losing its steam. And the RSI is sitting below 50, which generally points to weakening momentum. It’s not a disaster, but it’s not great. For now, everyone’s just watching to see which way it breaks.