Bitcoin's Bullish Battle: Can BTC Sustain its Price Recovery Above $111,000?
Bitcoin is currently engaged in a critical price battle, attempting to establish a firm recovery wave above the $111,000 mark. While early indicators suggest a nascent uptrend, the cryptocurrency faces a crucial test at the $112,500 resistance level, which could dictate its immediate trajectory.
Recovery Momentum Builds
The journey towards recovery began with Bitcoin climbing past the $109,500 zone, successfully breaching several resistance points, including $110,000 and $110,500. This upward momentum even saw BTC briefly surpass the $112,000 resistance, clearing the 61.8% Fibonacci retracement level of a recent drop from $113,457 to $107,352. The price is currently trading above the $111,200 level and the 100 hourly Simple Moving Average, supported by a short-term rising channel forming around $111,500.
Key Resistance and Upside Targets
Despite the promising recovery, Bitcoin is now consolidating near the 76.4% Fib retracement level, with immediate resistance looming at $112,500. A decisive close above this barrier could pave the way for further gains, targeting $112,800, followed by $113,450. Should BTC overcome these hurdles, the price could potentially ascend towards $114,500, with an ultimate main target set at $115,500. Technical indicators are leaning bullish, with the Hourly MACD showing positive momentum and the Hourly RSI positioned above the 50 level, signaling growing strength.
Potential Pitfalls and Support Levels
However, the rally is not without its risks. A failure to clear the $112,500 resistance zone could trigger a fresh decline. In such a scenario, immediate support is expected around $111,500. Further downside could see the price testing major support at $110,000, and potentially $109,250 in the near term. The critical main support level sits at $108,500, a breach of which could lead to a sharp decline for Bitcoin.
