Bitcoin Eyes Breakout as Price Approaches $114,750 Resistance
Bitcoin Recovery and Resistance Levels
- Bitcoin initiated a recovery above the $114,000 mark.
- The current price is above $114,000 and the 100 hourly Simple Moving Average.
- A short-term bullish trend line offers support at $113,300 on the BTC/USD hourly chart.
- Resistance is faced near $114,750, with potential to rise if this level is surpassed.
Price Movement Insights
- Bitcoin remained above $112,000 and moved past the $113,200 resistance zone.
- The price surged past $114,000, reaching a high of $114,770 before consolidating.
- Minor decline observed below 23.6% Fib retracement from $108,677 low to $114,771 high.
- Immediate resistance is at $114,750, followed by $115,000 and potentially $115,500.
- If breached, Bitcoin could hit higher resistances at $116,500 and $117,500.
Potential Downside
- Failure to surpass $114,750 may result in a downturn.
- Support levels include $113,300 and $112,200, with further support at $111,750 and $111,000.
- Main support stands at $110,500, crucial for short-term recovery.
Technical Indicators
- Hourly MACD is gaining momentum in the bullish zone.
- Hourly RSI for BTC/USD is above 50.
- Key Support Levels: $113,300, $112,200.
- Key Resistance Levels: $114,750, $115,000.