Bitcoin price corrected losses and traded above the $114,000 level. BTC is now struggling and might face hurdles near the $116,000 level.
- Bitcoin started a recovery wave above the $113,500 resistance level.
- The price is trading below $116,000 and the 100 hourly Simple moving average.
- There is a bearish trend line forming with resistance at $119,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might continue to move down if it trades below the $113,500 zone.
Bitcoin Price Starts Recovery
Bitcoin price started a recovery wave after a massive liquidation event below $110,000. BTC recovered above the $111,500 and $112,000 resistance levels.
The price climbed above the 50% Fib retracement level of the sharp decline from the $123,750 swing high to the $100,000 low. The bulls even pushed the price above the $113,500 resistance level. However, there are many hurdles on the upside.
Bitcoin is now trading below $116,500…
