Bitcoin Extends Decline — Market Remains Under Pressure From Risk-Off Tone

Bitcoin's price has entered a bearish zone, correcting gains below $112,500. The cryptocurrency is trading below $112,000 and its 100-hour simple moving average. A bearish trend line has formed on the hourly chart, with resistance at $111,500. If Bitcoin remains below this resistance, further downward movement is possible. The price has fallen below the 61.8% Fibonacci retracement level of its recent upward move. Immediate support is located near $110,000 and then at the significant $108,800 level. Conversely, a sustained move above the $112,500 resistance zone could lead to a potential rally. However, failure to overcome this resistance may lead to further declines towards $108,000 and potentially $106,500. Technical indicators like the MACD and RSI are currently in bearish territory. The key support levels to watch are $108,800 and $108,000, while resistances are at $111,500 and $112,000.