Bitcoin Price Attempts Recovery Above $112,500 Resistance Level

Bitcoin is attempting to recover above $112,500. The price is consolidating and could rise if it surpasses the $114,250 resistance zone.

Bitcoin initiated an increase above $113,200.
Current trading below $113,000 and the 100 hourly Simple Moving Average.
A break occurred above a bearish trend line at $112,300 on the BTC/USD hourly chart.
The price may rise further if it clears the $114,250 level.

Price Recovery Overview

Bitcoin began a recovery wave from the $110,200 zone, climbing past the $111,500 and $112,500 levels. The price peaked at $114,270 before entering a consolidation phase.

Bitcoin is currently trading above $112,500 and the 100 hourly Simple Moving Average. Key resistance levels are:

$114,250 (immediate)
$114,500 (first key)
$115,000 (next resistance)
$116,200 (potential target)
$118,000 (main target)

Potential Decline Scenario

If Bitcoin fails to breach the $114,250 resistance, it may decline. Immediate support levels include:

$113,500 (immediate)
$112,500 (first major support)
$112,000 (next support)
$111,500 (potential near-term support)
$110,500 (main support)

Technical indicators show bullish momentum with MACD gaining pace and RSI above 50.