Bitcoin Price Surpasses $115,500 and Aims for $120,000 Resistance
Bitcoin has risen above $115,500 and is consolidating, potentially targeting the $120,000 resistance.
- Bitcoin started a fresh increase above $115,500.
- The price is trading above $115,500 and the 100 hourly Simple Moving Average.
- A bullish trend line is forming with support at $115,600 on the hourly chart.
- Further increases may occur if Bitcoin clears the $117,500 resistance zone.
Current Price Action
Bitcoin found support near $112,200 and climbed past resistance levels of $113,500 and $114,800. It tested the $117,500 resistance zone, reaching a high of $117,643 before consolidating gains.
Bitcoin trades above $115,000, remaining above the 100 hourly Simple Moving Average. Immediate resistance is at $117,200, with key resistance levels at $117,500 and $118,250. A close above $118,250 could lead to further increases towards $119,200 and ultimately $120,000, with a main target of $121,500.
Potential Decline
If Bitcoin fails to surpass $117,500, it may decline. Immediate support is at $116,450, with major support at $115,600 and the trend line.
Next support levels are near $114,550 or the 61.8% Fib retracement level from the recent upward move. Further losses could push the price towards $113,800, with main support at $112,500.
Technical indicators show:
- Hourly MACD is losing momentum in the bullish zone.
- RSI for BTC/USD is above the 50 level.
- Major support levels: $115,600 and $114,550.
- Major resistance levels: $117,500 and $118,250.