Bitcoin Price Stabilizes — Buyers Step In To Prevent Deeper Correction

Bitcoin is attempting a recovery above $108,800 after declining below $109,000. The price broke above a short-term channel and is trading above $109,000 and the 100 hourly simple moving average. Immediate resistance lies near $111,200, a break above which could lead to further gains towards $112,500, $113,200 and potentially $114,000. Failure to overcome $111,200 could trigger a fresh decline. Immediate support is around $109,500, followed by $108,800, and then $108,500. Further losses could target the $107,400 support, with the main support at $106,500. The hourly MACD indicates bullish momentum, and the RSI is above 50. Key support levels are $109,500 and $108,800, while major resistance is at $111,200 and $112,500.