Bitcoin Struggles to Hold $113K as Weak Rebound Signals More Downside Ahead
Bitcoin
BTC
$113,141.16
Bitcoin bulls are attempting to establish a floor around the $113,000 mark, but so far, the recovery lacks conviction. Price action remains subdued and volumes thin, failing to match the intensity of Tuesday’s sharp sell-off—an indication that buying interest remains weak.
On lower timeframes, technical signals are aligned with a bearish narrative. The 50-, 100-, and 200-hour simple moving averages continue to slope downward in bearish formation, reinforcing the near-term downtrend.
The daily chart has confirmed a breakdown below a key ascending trendline, marking a shift in momentum from bullish to bearish. MACD indicators—both the long-term (50,100,9) and traditional (12,26,0)—are deep in negative territory, showing expanding downside pressure.
The next major support level lies at $111,982, the intraday low from August 3. Further weakness could expose the 100-day SMA at $110,053, and below that, the 200-day SMA at $100,484 could come into play if bearish momentum intensifies.
To invalidate the bearish bias, Bitcoin would need to convincingly reclaim the 50-day SMA at $116,033, opening the door to potential retests of $120,000 and $122,056.
Key Levels to Watch:
• Support: $111,982, $110,053, $100,484
• Resistance: $116,033, $120,000, $122,056
