More than 100 crypto entities are calling on lawmakers to protect software developers as they deliberate how the industry is regulated.
Low Taker-Buy-Sell-Ratio, declining network activity and other bearish factors could pull BTC price below its critical support at $110,000.
From corner shops to big retailers, Venezuelans are embracing stablecoins as inflation soars and the bolívar loses over 70% of its value.
As the decision on Grayscale’s spot Cardano (ADA) Exchange-Traded Fund (ETF) has been delayed, the altcoin is retesting a key area. Some analysts have suggested that a massive rally is brewing after the price bounced from the range lows. Related Reading: Chainlink Ready For Massive Breakout? A 15% Drop May Come First Cardano Drops As Spot ETF Gets Delayed On Tuesday, Cardano started to recover from its start-of-week correction after bouncing from a crucial area. The cryptocurrency has been trading within the $0.84-$0.96 price range since its breakout in early August, reaching a five-month high of $1.02 on August 14. During the recent market pullbacks, ADA has retested the $0.85 area as support multiple times and has been attempting to reclaim the $0.90 resistance, momentarily holding this level over the weekend. However, Monday’s correction, which saw Bitcoin drop to its lowest level in over a month, sent Cardano back to the range lows, briefly losing the $0.84 support before starting to recover. Amid the retracement, the US Securities and Exchange Commission (SEC) delayed the deadline for Grayscale’s spot Cardano Exchange-Traded Fund for two months. “The Commission is extending the time period for approving or disapproving the proposed rule change for an additional 60 days. The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,” the regulatory agency explained in the Monday filing. Accordingly, the SEC has postponed the final decision deadline to October 26, 2025. This follows the Commission’s recent two-month delays of many crypto-based ETFs. Earlier this month, the regulatory agency announced it had pushed back the decision deadline for multiple spot Solana ETFs, including Grayscale’s, to October 16. Similarly, it extended the review deadline of several spot XRP and PENGU ETFs for late October. ADA Breakout Coming Soon? Analyst Crypto Bullet highlighted that Cardano appears to be repeating its playbook from the last cycle. After the 2017-2018 run, ADA accumulated in a multi-year range, forming a double bottom pattern between 2019 and 2020. Following the late 2020 breakout, the cryptocurrency reclaimed the range’s upper boundary before retesting this level as support and starting its massive run toward ADA’s $3.09 all-time high (ATH) in the following months. According to the analyst, Cardano’s performance over this cycle has followed a similar path, with the breakout and retest from the multi-year accumulation occurring between late 2023 and early 2024. During the Q4 2024 rally, the altcoin bounced from the range’s upper boundary, and it’s currently in the re-accumulation period that would precede a massive pump in the coming months, if history repeats. To Crypto Bullet, “one last leg is coming,” with a potential final target between the $1.70-$2.10 area, according to the analyst. Meanwhile, market watcher Sebastian highlighted that ADA’s current performance will “mostly depend on what Bitcoin does,” suggesting that the flagship crypto will likely see a bigger retracement soon. Related Reading: Crypto Analyst Says XRP Bull Run Hasn’t Begun, Sets Course For $37 He pointed out that the altcoin has been trading within a bullish flag since the early August breakout, with the upper boundary sitting around the $0.90 area. If it doesn’t reclaim this level, the cryptocurrency would risk a pullback to the lower trendline around $0.80. However, if Cardano breaks out of the bullish formation, it could rally to the $1.20 target. As of this writing, ADA is trading at $0.87, a 4% increase in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
Google Cloud is entering financial technology with its new blockchain platform, Google Cloud Universal Ledger (GCUL). The platform aims to make global payments faster, cheaper, and more transparent, while challenging the dominance of the existing players in this market, like Circle, Stripe & and Ripple. Currently in private testing, GCUL is targeting a multi-trillion-dollar global …
Ethereum (ETH) recently broke through to a new all-time high above $4,900 before undergoing a correction. As of now, the asset trades at $4,520, reflecting an 8.9% pullback from its peak but still up 7.6% over the past week. The move follows weeks of strong upward momentum that returned ETH to price levels unseen since the 2021 bull cycle. While Ethereum’s long-term trend remains upward, analysts are examining short-term patterns to explain the market’s current volatility. One such perspective comes from XWIN Research Japan, a contributor to CryptoQuant’s QuickTake platform, highlighting how recurring liquidation cycles are shaping ETH’s price action, particularly around the beginning of each week. Related Reading: Ethereum Whale Demand Surges On Binance As Price Nears $5,000 Ethereum’s “Monday Trap” and the Risks of Excessive Leverage According to the analysis, Ethereum’s leveraged markets show a recurring rhythm tied to liquidation events. Leveraged long positions, bets that the price will continue rising, have often been caught in sudden reversals, forcing liquidations that amplify downward moves. During April and June 2025, ETH saw long liquidations spike beyond 300,000 ETH in a single day as sharp downturns triggered cascading sell-offs. XWIN Research Japan noted a striking weekly pattern: Mondays consistently show the highest liquidation volumes, followed by Sundays and Fridays. In contrast, Saturdays record the lowest, likely due to reduced market activity. This cycle, often referred to as the “Monday Trap,” suggests that traders carrying leveraged positions from the weekend are particularly vulnerable once institutional and retail flows re-enter early in the week. “Carrying weekend optimism into Monday’s higher-volume sessions is risky,” the analyst observed, emphasizing that short-term leverage magnifies losses in predictable ways. For long-term investors, this cycle is less about price direction and more about understanding the risks of excessive leverage in a highly liquid market. Technical Levels and Broader Market Outlook From a technical standpoint, Ethereum’s price correction is being closely monitored. A market analyst known as Crypto Patel recently posted on X that ETH has retraced from $4,957 to $4,400, noting $3,900–$4,000 as a strong support zone. According to Patel, holding this level could open a path toward higher price ranges of $6,000–$8,000. However, if support breaks, downside levels of $3,500 or even $3,200 remain possible. ???? $ETH Price Analysis ???? ???? #Ethereum hit ATH of $4957 2 days ago, now retracing to $4400. ???? Strong support at $3900-$4000. Holding this zone opens upside to $6000-$8000. ???? Breakdown of $3900 could lead to $3500 and $3200 levels. pic.twitter.com/WJTdHEImqH — Crypto Patel (@CryptoPatel) August 26, 2025 The interaction between leveraged liquidations and key technical support levels may define Ethereum’s trajectory in the coming months. Historical data show that large outflows from exchanges often precede sustained rallies, while inflows typically signal selling pressure. Related Reading: Ethereum Reaches New ATH, But RSI Divergence Clouds Path To $5,000 Recent exchange netflow data for ETH has leaned toward outflows, suggesting that investors are withdrawing coins into self-custody, a behavior often associated with long-term confidence rather than immediate selling. At the same time, institutional demand for Ethereum continues to strengthen, bolstered by ongoing discussions about staking integration within regulated financial products such as ETFs. Featured image created with DALL-E, Chart from TradingView
The Google Cloud Universal Ledger is designed as a "private and permissioned" blockchain for compliance, which sparked community skepticism.
KuCoin Thailand will handle subscriptions, redemptions, and listings alongside several other partners in a consortium,
Bitwise became the first to file for an exchange-traded fund tracking the price of Chainlink as issuers continue to bid for funds tracking altcoins.
MetaMask said it has introduced a new social login feature, allowing users to create wallets with Google or Apple accounts.
Webull has rolled out crypto services in Australia after re-launching its offering in the US this week and expects to expand into more regions in the coming months.
Prosecutors appealed the sentences given to HashFlare founders Sergei Potapenko and Ivan Turõgin, after arguing the pair should get 10 years in prison.
On-chain data shows exchanges have received heavy Bitcoin inflows over the last couple of weeks, a potential factor behind the asset’s bearish action. Bitcoin Supply On Exchanges Has Been Trending Up Recently In a new post on X, analyst Ali Martinez has talked about the latest trend in the Bitcoin Supply on Exchanges for Bitcoin. The “Supply on Exchanges” here is an on-chain indicator from the analytics firm Santiment that keeps track of the total amount of BTC that’s sitting on the wallets connected to centralized exchanges. Related Reading: Bitcoin Keeps Slipping Down: Is $107,000 The Next Support? When the value of this metric rises, it means the holders are depositing a net number of tokens to these platforms. As one of the main reasons why investors transfer to exchanges is for selling-related purposes, this kind of trend can have a bearish effect on the coin’s value. On the other hand, the indicator going down suggests investors are taking coins off to self-custodial wallets. Such a trend can be a sign that the network is witnessing accumulation, which can naturally be a bullish sign for the cryptocurrency. Now, here is the chart shared by the analyst that shows the trend in the Bitcoin Supply on Exchanges over the past few weeks: As displayed in the above graph, the Bitcoin Supply on Exchanges has been on the way up recently, implying that the investors have been making net inflows. In total, the holders have transferred 20,000 BTC into the wallets of these platforms over the last two weeks. At the current exchange rate, this amount is worth a whopping $2.2 billion. The timing of these deposits has come alongside the cryptocurrency’s price decline, so it’s likely that a lot of these were made with the intention to sell. In the same chart, Martinez has also attached the data of the Exchange Inflow, which shows all inflows going to these platforms, not just net inflows. This metric registered a huge spike during the weekend, after which BTC extended its decline. Interestingly, the Supply on Exchanges didn’t see any increase with this large spike, indicating that there was enough demand for withdrawing the cryptocurrency that balanced out the deposits. Related Reading: Bitcoin Dives As On-Chain Data Shows Every Cohort Now Selling Speaking of exchange inflows, the Bitcoin short-term holders (STHs), buyers from the last 155 days, have made a notable amount of loss deposits recently. The STHs are made up of the weak hands of the market, so it’s not surprising to see them capitulate during price declines. In fact, large loss-taking spikes from them help Bitcoin find bottoms as their coins transfer to more resolute entities. BTC Price At the time of writing, Bitcoin is trading around $110,500, down over 2.5% in the last week. Featured image from Dall-E, Santiment.net, CryptoQuant.com, chart from TradingView.com
Token tests $3.08 resistance on heavy flows before consolidating near the $3.00 psychological mark.
Analyst James Check argued that Bitcoin has seen three market cycles driven by adoption trends rather than halving events as widely believed.
The cryptocurrency market has had a turbulent week, swinging between sharp pullbacks and brief rallies. After Federal Reserve Chair Jerome Powell’s remarks at Jackson Hole on Friday, Bitcoin staged a dramatic rebound, jumping from $110,000 to nearly $117,000 within hours. Ethereum also stole headlines by hitting a fresh all-time high at $4,900. But as quickly …
Bitcoin (BTC) continues to show signs of weakness after recently setting a new all-time high earlier this month. As of today, the cryptocurrency is trading at $110,595, reflecting a 4.2% decline over the past week and an 11% drop from its peak of $124,000. The correction highlights an ongoing struggle for momentum even as broader market conditions remain uncertain. This decline has drawn the attention of analysts examining key on-chain and trading metrics. One such measure is the Taker Buy Sell Ratio, which is signaling reduced confidence among traders. According to data from CryptoQuant, this ratio has fallen to levels not seen since late 2021, raising questions about whether Bitcoin’s recent highs can be sustained without stronger demand. Related Reading: Bitcoin Correction Risks Deepen With $105,000 As Critical Support Bitcoin Taker Buy Sell Ratio Suggests Shift in Market Dynamics CryptoQuant contributor Gaah explained that the 30-day moving average of Bitcoin’s Taker Buy Sell Ratio has dropped to its lowest level since November 2021, a period that coincided with the peak of the previous cycle near $69,000 before a prolonged downturn. The ratio tracks the balance between aggressive buy and sell orders at market prices. A value above 1 reflects stronger buying pressure, while a reading below 1 indicates more active selling. Currently, the ratio sits below its historical average, suggesting that selling activity has consistently outpaced buying in recent weeks. This is notable because it follows closely on the heels of Bitcoin establishing new highs, revealing a divergence between price performance and trader sentiment. Gaah argued that such behavior often signals caution among investors who may be locking in profits or reducing exposure to manage risk. “The similarity to November 2021 should not be overlooked,” the analyst noted. “Even as Bitcoin pushed higher at that time, underlying market sentiment was deteriorating, which eventually preceded a sharp correction.” The current data, Gaah added, indicates that although Bitcoin remains in a broader bullish phase, the imbalance between buyers and sellers could introduce heightened volatility in the weeks ahead. Analyst Sees Mixed Signals in Technical Structure Beyond on-chain metrics, technical analysts are also weighing in on Bitcoin’s current price structure. A market analyst known as Crypto Nova suggested that despite recent weakness, the overall uptrend remains intact. In a post on X, the analyst highlighted that Bitcoin has been forming higher lows since its recovery began from a low of nearly $15,000 in late 2022, thereby maintaining a long-term bullish pattern. Nova pointed to the $50,000–$70,000 range from earlier in the cycle as an example of a level many believed to mark the top, but which ultimately gave way to further gains. Related Reading: Bitcoin Dives As On-Chain Data Shows Every Cohort Now Selling The analyst noted that the same uncertainty applies to today’s market, where corrections do not necessarily confirm a cycle peak. “At the very least, BTC should see a bounce from current levels,” Nova said, while also acknowledging that resistance remains strong at higher price zones. Bounce time for Bitcoin? At the very least BTC should bounce here as it’s reaching the zones earlier highlighted. Zooming in there is some small lower high structure that price will test (dotted lines) but it will more than likely… https://t.co/Be3FKYnRIY pic.twitter.com/XmrCDS9ldQ — Crypto Nova (@CryptoGirlNova) August 26, 2025 The combination of weakening taker ratios and cautious technical outlooks suggests that Bitcoin’s trajectory may be entering a decisive phase. If selling pressure persists, the asset could face deeper corrections, but sustained support near $110,000 may also provide the base for renewed momentum. Featured image created with DALL-E, Chart from TradingView
Over a quarter of Brits said they’d add crypto to their retirement portfolios, while 23% would even withdraw existing pension funds to invest in the space.
KindlyMD shares dropped after it filed for a $5 billion equity offering program to fund its Bitcoin treasury strategy.
The cryptocurrency market has inched higher over the last 24 hours, with most of the top assets trading in the green. Bitcoin continues to lead, holding above $111,000, supported by strong daily trading volumes. Ethereum also pushed higher, crossing $4,600. XRP managed to hold around the $3 mark, rising 5% in the last 24 hours. …
XRP price is correcting losses from the $2.820 zone. The price is now trading below $3.050 and remains at risk of more losses in the near term. XRP price is showing bearish signs below the $3.10 resistance. The price is now trading near $3.00 and the 100-hourly Simple Moving Average. There is a bullish trend line forming with support at $2.970 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could continue to decline if it stays below the $3.050 zone. XRP Price Faces Resistance XRP price started a downside correction below $3.050, like Bitcoin and Ethereum. The price traded below the $3.00 and $2.95 levels before the bulls appeared. A low was formed at $2.824 and the price is now attempting a fresh increase. There was a move above the $2.92 and $2.95 levels. The price surpassed the 50% Fib retracement level of the downward move from the $3.126 swing high to the $2.824 low. The price is now trading near $3.00 and the 100-hourly Simple Moving Average. There is also a bullish trend line forming with support at $2.970 on the hourly chart of the XRP/USD pair. On the upside, the price might face resistance near the $3.050 level and the 76.4% Fib retracement level of the downward move from the $3.126 swing high to the $2.824 low. The first major resistance is near the $3.10 level. A clear move above the $3.10 resistance might send the price toward the $3.120 resistance. Any more gains might send the price toward the $3.150 resistance. The next major hurdle for the bulls might be near $3.20. Another Decline? If XRP fails to clear the $3.050 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.970 level. The next major support is near the $2.920 level. If there is a downside break and a close below the $2.920 level, the price might continue to decline toward $2.840. The next major support sits near the $2.780 zone, below which the price could gain bearish momentum. Technical Indicators Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level. Major Support Levels – $2.970 and $2.840. Major Resistance Levels – $3.050 and $3.10.
Over the past two weeks, Bitcoin (BTC) has dropped more than 7%, falling from around $117,400 on August 21 to a low of $108,666 earlier today. Despite the bearish slide, some encouraging exchange data suggests improving sentiment. However, analysts warn this could once again be a setup for institutions to trap retail buyers. Bitcoin Sentiment Improves, But Maintain Caution According to a CryptoQuant Quicktake post by contributor BorisD, the Binance vs. Other Exchanges BTC Volume Delta turned positive on August 25, registering $676 million. This indicates that Binance users have shifted decisively into spot buying mode. Notably, this trend has not been observed on other major exchanges. Since Binance is the world’s largest exchange in terms of liquidity and user base, its flows are often considered a reflection of broader market sentiment. Related Reading: More Pain For Bitcoin? Open Interest Surpasses $40 Billion As Longs Crowd In At present, retail investors appear to be fueling buying pressure. While this can support demand for BTC, it also creates an opening for institutional investors to drive prices lower, flushing out retail positions before the market resumes an upward move. BorisD highlighted that historically, when Binance users increase spot buying, Bitcoin’s price often declines. On the contrary, when selling pressure rises, BTC tends to recover in price. He explained: This dynamic highlights the clear difference between retail and institutional behavior. Retail traders often act emotionally and position themselves on the wrong side, while institutions strategically engineer liquidity around these flows. In conclusion, the analyst said that although rising spot buying on Binance is encouraging, a positive delta does not always mean a bullish signal. On the contrary, it can expose retail buying pressure than can be exploited as an opportunity by institutions. Will BTC Fall Below $100,000 Price Level? Analysts remain divided on whether Bitcoin can set a new all-time high (ATH) in the near term. Some stress that BTC must hold above the $100,000 level to preserve its overall bullish structure. Related Reading: Bitcoin Weakness Vs. Ethereum Strength: On-Chain Data Reveals Divergence In a separate analysis, crypto analyst Alphractal remarked that the BTC market seems to be getting ready for its next major move in the coming weeks. Meanwhile, the Bitcoin Bull Score Index is giving signs of fading momentum, increasing risk of further downside. The Bitcoin market is also witnessing early signs of exhaustion, as asset manager BlackRock recently went on a BTC selling-spree, dumping about $500 million of the digital asset. Still, a number of analysts remain optimistic, with some forecasting a potential ATH of as high as $183,000 later this year. At press time, BTC trades at $109,841, down 1.8% in the past 24 hours. Featured image from Unsplash, charts from CryptoQuant and TradingView.com
The company recently announced its first purchase of 5,744 BTC following a merger with Nakamoto Holdings earlier this month.
Google Cloud's blockchain initiative could significantly enhance institutional financial operations, promoting broader blockchain adoption.
The post Google Cloud is developing a Python-based layer 1 blockchain for institutions appeared first on Crypto Briefing.
Kristin Johnson, the CFTC's last remaining Democratic commissioner, confirmed she will leave the regulator on Sept. 3.
Ethereum price started a fresh decline below the $4,550 zone. ETH is now correcting losses and might aim for a move above the $4,650 zone. Ethereum started a fresh upward move from the $4,320 zone. The price is trading near $4,580 and the 100-hourly Simple Moving Average. There was a break above a key bearish trend line with resistance at $4,450 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start another increase unless there is a close below $4,460 in the near term. Ethereum Price Corrects Losses Ethereum price traded to a new all-time high above the $4,950 level before there was a downside correction, unlike Bitcoin. ETH price started a downside correction below the $4,650 and $4,550 levels. The price tested the $4,320 zone. A low was formed at $4,310 and the price started a fresh upward move. There was a break above $4,400 and $4,450. The price surpassed the 23.6% Fib retracement level of the recent decline from the $4,956 swing high to the $4,310 low. Besides, there was a break above a key bearish trend line with resistance at $4,450 on the hourly chart of ETH/USD. Ethereum price is now trading near $4,580 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $4,630 level and the 50% Fib retracement level of the recent decline from the $4,956 swing high to the $4,310 low. The next key resistance is near the $4,650 level. The first major resistance is near the $4,720 level. A clear move above the $4,720 resistance might send the price toward the $4,840 resistance. An upside break above the $4,840 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,950 resistance zone or even $5,000 in the near term. Another Drop In ETH? If Ethereum fails to clear the $4,630 resistance, it could continue to move down. Initial support on the downside is near the $4,500 level. The first major support sits near the $4,450 zone. A clear move below the $4,450 support might push the price toward the $4,320 support. Any more losses might send the price toward the $4,220 support level in the near term. The next key support sits at $4,150. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major Support Level – $4,450 Major Resistance Level – $4,630
Analyst Eric Balchunas said exchange-traded funds must have a futures product live for at least six months, which Canary doesn’t seem to have for its TRUMP fund.
The Trump Media & Technology Group (TMTG) announced on Tuesday that it has partnered with the digital asset platform Crypto.com and the special-purpose acquisition company Yorkville to create the first Cronos (CRO) treasury. New CRO Treasury Project The announcement details a definitive agreement between these entities to form Trump Media Group CRO Strategy, Inc., a dedicated digital asset treasury company aimed at acquiring Crypto.com’s native token. The funding structure for this project comprises $1 billion in CRO tokens—representing approximately 19% of the total market capitalization of CRO at the time of the announcement—alongside $200 million in cash and $220 million from cash-in mandatory exercise warrants. Related Reading: Pro-XRP Lawyer Blasts SEC Lead Counsel In Ripple Case Following Conclusion Additionally, the venture will benefit from a substantial $5 billion equity line of credit from an affiliate of Yorkville, positioning the Trump Media Group CRO Strategy as potentially the largest publicly traded CRO treasury company. Devin Nunes, Chairman and CEO of Trump Media, emphasized the growing importance of digital asset treasuries. He stated: Financial markets are becoming increasingly digital every day, and companies of all sizes and sectors are strategically planning for the future by establishing digital asset treasuries anchored by assets that have created a comprehensive value proposition. Trump Media’s Crypto Ambitions Kris Marszalek, Co-Founder and CEO of Crypto.com, highlighted the project’s scale and structure, noting that it would encompass more than the current market capitalization of CRO. Interestingly, he added that the project’s unique characteristics, such as the share lock-ups and a validator strategy for the treasury, set it apart from other digital asset treasury initiatives. Related Reading: Is $105,000 The Bitcoin Bull Run Killer Or Just Noise? Top Analyst Explains This new endeavor, however, is not Trump Media’s first foray into cryptocurrencies. The company had previously announced its significant holdings, including $2 billion in Bitcoin and a planned $300 million allocation for an options-based strategy focused on the leading cryptocurrency. Furthermore, just two weeks ago, it was revealed that Crypto.com will serve as the Bitcoin custodian for President Donald Trump’s media company in its S-1 registration for a Bitcoin exchange-traded fund (ETF) if approved by the US Securities and Exchange Commission (SEC). As of press time, CRO has capitalized on this momentum, surging 22% toward the $0.20 milestone following the announcement. This positions Crypto.com’s native token as one of the market’s top performers in both the monthly and year-to-date periods, with surges of 40% and 120%, respectively. Compared to its all-time high, CRO is still trading 79% below the $0.96 price. However, positive market momentum and the adoption of the same strategy by more companies could further fuel the rally, bringing it closer to these levels. Featured image from DALL-E, chart from TradingView.com
The US Secretary of Commerce said blockchain-based statistics would soon be 'available for the entire government.'
Bitcoin price is showing bearish signs below $113,500. BTC is struggling to recover and might face hurdles near the $113,000 zone. Bitcoin started a fresh decline below the $111,400 zone. The price is trading below $111,500 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance at $111,550 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might start another increase if it clears the $112,500 resistance zone. Bitcoin Price Attempts Recovery Bitcoin price started a fresh decline after a close below the $112,500 level. BTC gained bearish momentum and traded below the $112,000 support zone. There was a move below the $110,500 support zone and the 100 hourly Simple moving average. The pair tested the $108,750 zone. A low was formed at $108,734 and the price recently started a recovery wave. There was a move above the $111,200 level. The price surpassed the 23.6% Fib retracement level of the recent decline from the $117,354 swing high to the $110,692 low. Bitcoin is now trading below $111,500 and the 100 hourly Simple moving average. Immediate resistance on the upside is near the $111,500 level. There is also a key bearish trend line forming with resistance at $111,550 on the hourly chart of the BTC/USD pair. The first key resistance is near the $112,000 level. The next resistance could be $113,000 or the 50% Fib retracement level of the recent decline from the $117,354 swing high to the $110,692 low. A close above the $113,000 resistance might send the price further higher. In the stated case, the price could rise and test the $114,200 resistance level. Any more gains might send the price toward the $115,500 level. The main target could be $116,500. Another Drop In BTC? If Bitcoin fails to rise above the $111,550 resistance zone, it could start a fresh decline. Immediate support is near the $110,500 level. The first major support is near the $109,200 level. The next support is now near the $108,500 zone. Any more losses might send the price toward the $106,500 support in the near term. The main support sits at $105,500, below which BTC might accelerate lower. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $108,500, followed by $106,500. Major Resistance Levels – $111,500 and $113,000.