Bitcoin Price Consolidates Above $115,000 Amid Resistance at $116,500

Bitcoin Price Analysis

Bitcoin price is currently trading above $115,000.
It is near the 100 hourly Simple Moving Average.
A bearish trend line with resistance at $116,000 is forming on the BTC/USD hourly chart.
If Bitcoin surpasses the $116,200 resistance zone, it may rise further.

Current Market Situation

Bitcoin has recently surpassed resistance levels at $113,500 and $114,200, climbing as high as $116,743 before entering a consolidation phase. It briefly dropped below $116,000 and touched the 23.6% Fibonacci retracement level of its recent increase.

Bitcoin Price

Immediate resistance is observed around $116,000, with key resistances at $116,200 and $116,750. A close above $116,750 could push the price toward $117,500 or $118,500.

Potential Decline

If Bitcoin fails to clear the $116,200 resistance, it might decline.
Immediate support is near $114,900; major support is at $113,750.
Further losses could drive the price to $112,500 or even $110,500.

Technical Indicators

Hourly MACD: Losing pace in the bullish zone.
Hourly RSI: Currently below 50 for BTC/USD.
Major Support Levels: $115,000 and $113,750.
Major Resistance Levels: $116,200 and $116,500.