Bitcoin is currently trading near $111,200 and encountering significant resistance between $111,500 and $112,000 — a previously rejected supply zone. The recent price surge into this area is showing early signs of exhaustion.
Resistance: $111,500 – $112,000
Support: $109,500 – $110,000
Current Price Action: Rejection wick observed at resistance; a pullback may follow.
Outlook:
✅ Bullish Scenario: A confirmed breakout and 4H close above $112,000 with strong volume could lead to further upside toward $113,500 – $115,000.
❌ Bearish Scenario: Failure to break resistance may result in a retracement toward the $110,000 – $109,500 support zone.
⚠️ Caution: Wait for clear confirmation before entering positions. Avoid chasing the move.