Bitcoin Price Attempts Recovery Above $110,000 Resistance Level

Bitcoin Price Recovery Attempt

Bitcoin is recovering above $110,000.
Current price exceeds $111,000 and the 100-hourly Simple Moving Average.
A rising channel is forming with support at $110,500 on the hourly chart.
Price may decline if it remains below $112,000.

Bitcoin has initiated a recovery wave above $108,500, surpassing key resistance levels. It cleared the 50% Fibonacci retracement of a previous drop, hitting above $111,200. Immediate resistance is at $111,500, with higher resistance at $112,000, which aligns with the 76.4% Fibonacci level.

If Bitcoin breaks above $112,500, it could target $113,450 and possibly $114,500. The main target is at $115,500.

Conversely, failure to breach the $112,000 resistance may lead to a decline. Key support levels are at $110,400 and $109,500, with further support near $108,500. Below $105,500, a sharp decline could follow.

Technical indicators show the MACD slowing in bullish territory while the RSI is above 50.