Bitcoin price is below $111,000
Bitcoin ($BTC) reached the $111,000 mark, sparking new concerns across the crypto market. The latest drop represents a definitive test of Bitcoin’s resilience as traders look with their eyes at a critical support zone for clues on their next move. BTC is trading $110,983skiing under short-term moving averages 50 Day SMA ($114,262) It is now acting as a resistance.
BTC/USD 1 Day Chart – TradingView
Chart Analysis: Support and Resistance
Looking at the daily charts, $Bitcoin is currently sitting right above it A true support line of $110,000. The zone has historically been a strong level that has tended to involve buyers and prevent deeper sales.
- Immediate resistance: $114,200 (50-day SMA)
- Major resistance: $118,600
- Main support: $111,350 (broken daytime)
- Important Support: $110,000
Relative strength index (rsi)) Hovering nearby 40.42not only shows bearish momentum, but also approaches the territory of overselling where rebounds often occur.
Two possible scenarios are first
1. Rebound from $110,000
If Bitcoin is held above $110,000I was able to see the technical rebound. The bounce here could push BTC back like this $114,000 to $116,000 The range of momentum is potentially expanded $118,600 If the volume supports movement.
2. I’ve seen a crash for a $110,000 break
Bitcoin must be closed down crucially $110,000check out the breakdown of important support. In this case, BTC could accelerate losses, and the next major target 200 Day SMA ($104,000). Below this level, panic sales will be triggered and open the door for an extended bear cycle.
