Bitcoin Price Struggles To Recover

Bitcoin price started a fresh recovery wave above the $112,000 zone but upside was limited. BTC peaked near $113,500 and started a fresh decline.

There was a move below the $112,000 and $115,000 levels. The price even tested the $110,000 zone. The recent low was formed at $110,039 and the price is now consolidating. There was a move above the 23.6% Fib retracement level of the recent decline from the $113,372 swing high to the $110,039 low.
However, the bears are active below the $112,000 level. Bitcoin is now trading below $111,000 and the 100 hourly Simple moving average. Besides, there is a bullish trend line forming with support at $110,500 on the hourly chart of the BTC/USD pair.

Immediate resistance on the upside is near the $111,250 level. The first key resistance is near the $111,700 level or the 50% Fib retracement level of the recent decline from the $113,372 swing high to the $110,039 low. The next resistance could be $112,580. A close above the $112,580 resistance might send the price further higher. In the stated case, the price could rise and test the $113,500 resistance level. Any more gains might send the price toward the $114,200 level. The main target could be $115,000.