Bitcoin Bulls Target Major Upside Breakout: Can Price Surpass Key Resistance Levels?
Bitcoin has initiated a significant recovery, trading confidently above the $114,200 mark. After establishing gains, the cryptocurrency is currently consolidating its position, with eyes firmly set on overcoming immediate resistance challenges around $114,750. This bullish momentum suggests a potential push towards higher valuations if key thresholds are successfully breached.
Navigating Key Price Hurdles
The recovery phase saw Bitcoin climb above the $112,000 zone and subsequently clear the $113,200 resistance, setting the stage for its current upward trajectory. Buyers successfully propelled the price beyond $114,000, $114,200, and even surpassed $114,500, reaching a recent high of $114,770. Despite a minor retracement below the 23.6% Fib level (from the $108,677 low to the $114,771 high), BTC remains supported above the $114,200 level and the 100-hourly Simple Moving Average. A critical short-term bullish trend line on the hourly chart (Kraken data) further reinforces support at $113,300. The path ahead for Bitcoin involves clearing immediate resistance near $114,750. Successful navigation past this point would bring the $115,000 level into focus, followed by $115,500. A decisive close above $115,500 could trigger a substantial rally, potentially pushing the price towards $116,500 and even $117,500. For the bulls, the next significant obstacle beyond these levels is likely to be the $118,000 mark.
Potential Downside Risks and Technical Outlook
Conversely, a failure to break above the $114,750 resistance could lead to a fresh decline. Immediate support resides near $113,300, reinforced by the aforementioned bullish trend line. The first major support area is identified around $112,200. Further downward movements could see the price testing the $111,750 zone, with the possibility of extending losses towards the $111,000 level. The critical main support, vital for short-term recovery, is positioned at $110,500. From a technical perspective, the Hourly Moving Average Convergence Divergence (MACD) is showing bullish momentum, gaining pace within the positive zone. Similarly, the Hourly Relative Strength Index (RSI) for BTC/USD is positioned above the 50 level, indicating a favorable outlook for buyers in the short term.
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