Bitcoin Price Recovers from $112,000 Support, Eyes $115,500 Resistance
Bitcoin is recovering from a low of $112,000 and is currently trading above $114,000. Key points include:
- Price is rising after forming a base at $112,000.
- Trading above $114,200 and the 100 hourly Simple Moving Average.
- A bullish trend line has formed with support at $114,600.
- Immediate resistance is at $115,500, near the 50% Fib retracement level of the recent decline.
- Further resistance levels are $116,250 and $116,800; a close above $116,800 may push prices toward $118,500 and potentially $120,500.
Potential Decline
If Bitcoin does not break through the $115,500 resistance, it may decline. Support levels to watch are:
- Immediate support at $114,600.
- Subsequent support at $113,500 and $112,000.
- Major support at $108,500.
Technical indicators show a bullish MACD and an RSI above 50.