Bitcoin Bulls Aim for New Heights as $115,500 Resistance Looms Bitcoin's price is currently in a strong recovery phase, pushing past critical thresholds as market bulls set their sights on the formidable $115,500 resistance level. After a recent dip, the cryptocurrency has demonstrated significant upward momentum, signaling a potential for further gains if key breakout points are successfully navigated.
Bitcoin's Resurgent Rally
Following a decline that saw Bitcoin test the $106,720 zone, the cryptocurrency initiated a fresh upward trajectory, breaking above the $112,000 and $113,500 resistance levels. This resurgence also saw the price move comfortably above the 100 hourly Simple Moving Average. The current consolidation is occurring above the 23.6% Fib retracement level of the recent wave from $106,718 low to $115,400 high. Should this bullish momentum continue, Bitcoin faces immediate resistance near $115,250, with a more significant barrier at $115,500. A decisive close above this level could propel BTC towards $116,200, potentially testing the $117,000 and even $118,000 marks, with the next major hurdle for bulls at $118,800.
Navigating Potential Pullbacks and Key Supports
While the outlook appears bullish, failure to sustain the rally above the $115,500 resistance could trigger a fresh decline. Immediate support for Bitcoin is identified around the $114,000 level, with the primary major support lying at $113,500, aligning with a crucial bullish trend line on the hourly chart. Should the price drop further, subsequent support levels are at $111,000 and $110,500. A more significant downturn could see the price testing the $108,500 zone, a critical level that, if broken, might indicate prolonged recovery challenges. Technical indicators reinforce the current bullish sentiment, with the Hourly MACD gaining pace in the bullish zone and the Hourly RSI positioned above the 50 level, suggesting continued positive momentum.
