Bitcoin Price Eyes $116,200 Resistance Amid Bullish Momentum
Bitcoin is showing positive movement above $114,500, consolidating for a potential rise if it clears the $116,200 resistance zone.
- Bitcoin increased past $114,200 but remains below $115,000 and the 100 hourly Simple Moving Average.
- A bullish trend line offers support at $115,000 on the BTC/USD hourly chart.
- Immediate resistance levels are near $116,000 and $116,200; clearing these could push BTC to $117,500 or higher.
- If BTC fails to surpass $116,200, it may decline, with supports at $115,000 and $113,550.
- Further declines could target $112,500 and $110,500 as key support zones.
Technical indicators suggest bullish momentum: the MACD is gaining in the bullish zone, and the RSI is above 50. Key support levels are at $115,000 and $113,500, with major resistances at $116,000 and $116,200.