After staging a powerful rally from below $102,000, the Bitcoin price today is trading near $111,150, showing signs of exhaustion just below the key resistance ceiling at $112,000. The move comes after a steep breakout on May 20 that took the Bitcoin price above multiple trendline resistances and historical supply zones.
Highlights:
Bitcoin price today hovers near $111,150 as bulls face $112K resistance
RSI and MACD point to fading momentum after recent breakout
Key support zone rests between $109,200 and $108,300
However, current indicators suggest a pause may be ahead, as the bulls face a stiff test in maintaining the momentum. The broader Bitcoin price action remains bullish, but the short-term structure now points to potential consolidation or even a short-term pullback if bulls fail to hold key support clusters near $109,200 and $108,300.
What’s Happening With Bitcoin’s Price?
The recent price surge has created an ascending wedge structure on the 30-minute chart, with a visible squeeze near the $112,000 upper bound. This zone has capped price progress across multiple attempts since May 21, formi…
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