The Bitcoin price has been trying to recover above $112,000, and is currently attempting a wave of recovery. BTC’s price is rising now and may gain speed if the $112,500 level resistance is cleared.
- Bitcoin began a wave of recovery above the zone of $111200.
- Above the 100-hour Simple Moving Average, and above $111200.
- On the hourly chart for the BTC/USD, there is a rising channel that forms with support of $111 500 (data from Kraken).
- If it remains below $112,500, the pair could start a new decline.
Bitcoin price extends recovery
The Bitcoin price has started to rise. fresh recovery The wave has risen above $109 500. BTC has been able to rise above $110,000 and $110500 resistance levels.
The price broke the Fib retracement of the major drop from $113.457 swing low to $107.352 low. This upward movement was so strong that it even broke through the $112,000 barrier. A short-term ascending channel with support of $111 500 is also visible on the hourly BTC/USD price chart.
Bitcoin has now reached a price of $111,000 100 hourly Simple moving average. Price is also consolidating at the level of 76.4% fib retracement from the pivotal drop, which was the move between $113.457 swing low and $107.352 bottom. The $112,500 mark is the immediate resistance to the upside.
Near the level of $112 800, we can expect to see a first major resistance. The next possible resistance is $113.450. If the price closes over the resistance level of $113.450, it could send the market higher. The price may rise in the case stated and try to test the $114.500 level of resistance. If there are any further gains, the price could move towards the $115,000 resistance level. Main target may be $115.500.
BTC – Another Reverse in BTC Price?
Bitcoin may start another decline if the price fails to move above $112,500. The immediate support level is around $111,500. Near $110 500 is the first level of major support.
Next support zone is near $110,000. In the short term, any further losses could send the price towards the support of $109 250. BTC may fall rapidly if the price falls below $108 500, which is where it finds its main support.
The following are technical indicators.
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $111,500, followed by $110,000.
Major Resistance Levels – $112,500 and $113,450.
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Source: www.newsbtc.com
