Bitcoin Price Dips Below $111,000
Bitcoin ($BTC) has fallen under the $111,000 mark, sparking renewed concerns across the crypto market. The latest drop represents a decisive test of Bitcoin’s resilience as traders eye critical support zones for clues about the next move. BTC is trading at $110,983, slipping under short-term moving averages, with the 50-day SMA ($114,262) now acting as resistance.
BTC/USD 1-day chart – TradingView
Chart Analysis: Support and Resistance
Looking at the daily chart, $Bitcoin is currently sitting just above its true support line at $110,000. This zone has historically been a strong level where buyers tend to step in, preventing deeper sell-offs.
- Immediate Resistance: $114,200 (50-day SMA)
- Major Resistance: $118,600
- Key Support: $111,350 (broken intraday)
- Critical Support: $110,000
The Relative Strength Index (RSI) is hovering near 40.42, signaling bearish momentum but also nearing oversold territory, where rebounds often occur.
Two Possible Scenarios Ahead
1. Rebound from $110,000
If Bitcoin holds above $110,000, we could see a technical rebound. A bounce here may push BTC back toward the $114,000–$116,000 range, with momentum potentially extending to $118,600 if volume supports the move.
2. Confirmed Crash if $110,000 Breaks
Should Bitcoin close decisively below $110,000, it would confirm a breakdown of critical support. In this case, BTC could accelerate losses, with the next major target aligning near the 200-day SMA ($104,000). A fall below this level risks triggering panic selling, opening the door for an extended bearish cycle.
Source: https://cryptoticker.io/en/bitcoin-price-drops-below-111000-rebound-or-crash/
