Bitcoin Price Surges Above $111,000, Eyes $112,000 Resistance Level

Bitcoin is attempting a recovery above $111,500, with potential gains if it surpasses the $112,000 resistance.

Bitcoin is trading above $111,000 and the 100 hourly Simple Moving Average.
A bearish trend line has formed with resistance at $111,600 on the BTC/USD hourly chart.
If Bitcoin remains below $112,500, it may decline further.

Bitcoin Price Recovery

Bitcoin initiated a recovery above the $109,650 zone, moving past the $110,200 and $110,500 resistance levels. The recent low was $109,369. It has climbed above the 50% Fib retracement level from the $112,537 high to the $109,369 low. Bears remain active below $112,000.

Immediate resistance is near $111,600. Key resistance levels are:

$111,800 (76.4% Fib retracement)
$112,000
$112,500
$113,200
Main target: $115,000

Potential Decline

If Bitcoin does not exceed $112,000, it may see a decline. Immediate support is near $111,000, with major supports at:

$110,350
$109,350
$108,500
Main support at $107,500

Technical indicators show bullish momentum in the MACD and an RSI above 50.