Bitcoin Surges Above $118K Amid Bullish Momentum
Bitcoin Price Movement
- Bitcoin's price surged above the $116,500 zone, reaching over $118,000.
- The current trading price is above $117,000, supported by the 100 hourly Simple Moving Average.
- A short-term bullish trend line forms with support at $117,000 on the BTC/USD hourly chart.
- Potential continuation of upward movement if it breaks through the $119,500 resistance zone.
Current Status and Potential Movements
BTC remains solid above $115,000, having surpassed the $115,500 resistance to initiate its recent climb. It broke through key levels: $117,000, $118,000, and reached a high of $119,453. Currently, it consolidates gains above the 23.6% Fib retracement from $112,806 to $119,453.
- Immediate resistance is around $119,000, with subsequent resistances at $119,250 and $119,500.
- A break above $119,500 could propel the price towards $120,500; further gains may target $122,500 or $123,000.
Potential Pullback
- If BTC fails to surpass the $119,500 resistance, a decline might begin.
- Immediate support lies near $117,000, with major supports at $116,150 and $115,500.
- Further declines could see BTC drop to the main support at $113,500, complicating recovery.
Technical Indicators:
- Hourly MACD: Accelerating in the bullish zone.
- Hourly RSI: Above 50 for BTC/USD.
- Major Support Levels: $117,000, $116,150.
- Major Resistance Levels: $119,500, $120,500.