Bitcoin Price Targets $114,000 Amid Recovery, Analysts Advise Caution
Bitcoin has rebounded 6% from a recent drop, currently trading around $110,000. Analysts suggest the cryptocurrency might move sideways until December, remaining in the $108,000-$120,000 range.
- Bitcoin's current support level is at $108,000, with resistance around $114,000-$115,000.
- The Fear and Greed index indicates market fear, but Bitcoin maintains its crucial support levels.
- Analysts highlight the importance of Bitcoin reclaiming the 21-week Exponential Moving Average (EMA) for continued upward momentum.
- A monthly close above current resistance could signal a breakout, with potential to test $116,000 as new support.
Rekt Capital suggests that maintaining current price levels may lead to a trend continuation towards $114,000. However, further consolidation or volatility could occur, delaying significant upward movement.
