The price of Bitcoin is consolidating around $111,100 after a strong rise from the $106,000 mark.
Intraday indicators are showing a slowdown in the rate of growth, increasing the risk of a short-term pullback.
A breakout above $111,800 could trigger further price increases for Bitcoin up to $114,000.
Bitcoin's price action has entered a consolidation phase after a steady upward push from the $102,000–$106,000 zone. The 4-hour chart shows that BTC is trading along the upper Bollinger Band, with the candles struggling to close decisively above $111,800. This zone marks the first major hurdle for Bitcoin's price jump after recovering $110,000.
What is happening with the price of Bitcoin?
Meanwhile, the 20-, 50-, and 100-EMA are aligning in a bullish formation below the price, with the 20-EMA providing immediate support around $107,300. The 200-EMA continues to hover around $98,700, highlighting a more long-term bullish structure.
Bollinger Bands are expanding on the 4-hour timeframe, signaling an increase in Bitcoin price volatility. The current pause above the mid-May breakout zone may be a breather before resuming the move.
Bitcoin technical forecast table: May 23
The price of Bitcoin today shows strength above $111,000, but traders should be cautious as indicators signal signs of temporary exhaustion. A breakout above $111,800 could set the stage for another upward move to $114,000 and above. On the other hand, failure to hold current levels may trigger a short-term correction to $109,800–$106,700. Keep a close watch on key levels and momentum indicators to navigate the next phase of this movement.