Bitcoin Finds Resistance at $112KBitcoin / US DollarCOINBASE:BTCUSDScottMelkerBitcoin is struggling to reclaim the $112,000 level – a key support that has now flipped into resistance. After breaking down last week, price retested this zone and failed to close back above it, confirming it as a new ceiling for the time being. The daily chart shows that momentum has weakened since the rejection near $123,000, with lower highs and lower lows forming over the past two weeks. The 50-day moving average, which had been acting as dynamic support, has also rolled over and now sits above current price – another bearish sign. Volume tells a similar story. The initial breakdown below $112,000 came with a spike in activity, while the subsequent bounce attempts have been met with lighter participation. That suggests buyers are hesitant to step in aggressively until a stronger level of support is tested. The most obvious downside target is the $100,700 area – the next significant horizontal level on the chart. A deeper pullback could even revisit the longer-term trendline near $98,000, though that would likely require further weakness across risk assets. For bulls, the path forward is clear: reclaim $112,000 with conviction, ideally on strong volume, and then work toward building higher lows. Until that happens, the market is at risk of grinding lower. In short: $112,000 is the line in the sand. As long as price trades below it, the bias tilts bearish with $100,700 as the next key level to watch.