Bitcoin Struggles to Find a Floor as Downtrend Pressures Persist
BTC
$113,141.16
Bitcoin bulls are showing signs of fatigue as they attempt to establish a local bottom near $113,000, with both price action and volume pointing to a lack of conviction. The rebound from recent lows remains muted, failing to sustain momentum above $114,000, while trading volumes remain well below levels seen during Tuesday’s sharp decline.
Short-term technical signals lean bearish. On the hourly chart, the 50-, 100-, and 200-hour simple moving averages (SMAs) are stacked in descending order and sloping lower—an alignment typically associated with continued downside pressure.
On the broader daily timeframe, BTC has decisively broken below its ascending trendline support, confirming a shift in structure. Both the traditional MACD (12,26,0) and the longer-term MACD (50,100,9) are flashing stronger bearish momentum, with histogram bars extending deeper below the neutral line.
The next key support sits at $111,982, marking the level where bulls regained control earlier this month. Below that, the 100-day SMA at $110,053 serves as a critical technical backstop. A break lower would shift focus toward the 200-day SMA at $100,484—a level not tested since June.
To invalidate the bearish outlook, bulls would need a decisive move back above the 50-day SMA at $116,033, opening a potential path toward resistance at $120,000 and $122,056.
Key Levels:
- Support: $111,982 · $110,053 · $100,484
- Resistance: $116,033 · $120,000 · $122,056
Until buyers reclaim key technical thresholds with stronger volume, Bitcoin remains vulnerable to further retracement in the near term.
