Market analysis of BTC/USDT:
Bitcoin BTCUSDT is now trading at 114032 with a 1.9 percent recovery from a steep fall. The latest price action implies that BTC is trying to settle after an extended period of selling pressure. The short-term moving averages MA7 at 112932 and MA25 at 111599 are moving up indicating an initial change in momentum while the long-term MA99 at 116952 still moves down showing that the overall trend is yet to be under recovery.
On the negative side the initial support zone is between 111200 and 111500 corresponding to both the MA25 and a prior consolidation zone. If BTC stays higher than this range it shows keen demand from buyers. The second support is around 109500, which is the recent 24-hour low and a key psychological level. The strongest support is at 102000 the region where heavy volume attestied to strong buyer consumption on the capitulation decline making it a good structural floor.
On the positive side 114700 is near immediate resistance since BTC has not been able to close beyond this level. A break out here could clear the way for 116300 to 117000 where the MA99 and an old support area meet. If the bullish momentum remains the next significant resistance is anticipated around 121500 to 125500 which was an old supply area prior to the substantial fall.
In general BTC seems to be in a short-term recovery mode with momentum gaining as the buyers take over. If the price holds above 111500 the trend could continue towards 116000 and beyond. But a break below 109500 would derail the recovery and have a potential retest of the 102000 support level. In short the technical setup is currently biased towards a slightly bullish stance as the market tries to rebuild following the recent correction.
