Bitcoin Price Attempts Recovery Above $111,000 with Resistance at $112,500

Bitcoin is attempting to recover above $111,000. A significant move may occur if it surpasses the $112,500 resistance level.

Current price is above $111,200 and the 100 hourly Simple Moving Average.
A short-term rising channel has formed with support at $111,500 on the hourly chart of the BTC/USD pair.
If Bitcoin remains below $112,500, it could decline.

Price Recovery Overview

Bitcoin initiated a recovery wave above $109,500, climbing past key resistance levels of $110,000 and $110,500. It also exceeded the 61.8% Fibonacci retracement level from the recent drop.

The price is consolidating near the 76.4% Fibonacci retracement level. Immediate resistance lies at $112,500, with further resistances at $112,800 and $113,450. A close above $113,450 may lead to testing higher levels around $114,500 and potentially $115,000.

Potential Pullback Scenarios

If Bitcoin does not exceed the $112,500 resistance, it may decline.

Immediate support is at $111,500.
Major supports are at $110,500 and $110,000.
Further losses may target $109,250 and a critical support at $108,500.

Technical indicators show:

Hourly MACD gaining momentum in the bullish zone.
Hourly RSI above the 50 level.