Bitcoin is recovering after testing support at 112,000 USD. The price is currently fluctuating around 114,600 USD and remains above the 100-hour SMA – a positive signal for the short-term trend.
Technical developments:
BTC rises after falling from the peak of 118,000 USD and creating a bottom at 112,000 USD.
MACD expands into the positive zone, RSI surpasses 50 – buying pressure is prevailing.
The upward trend line supports around 114,600 USD.
Resistance to surpass:
115,500 USD: Key threshold – confirms the uptrend if surpassed.
116,250 – 116,800 USD: Paves the way towards 118,500 USD, further towards 120,500–121,200 USD.
Risk scenario:
If it does not surpass 115,500 USD, BTC may adjust to 113,500 USD, deeper to 110,500–108,500 USD.
Summary:
Bitcoin is in a technical recovery phase. The level of 115,500 USD will play a crucial role in determining the next trend. Investors need to closely monitor price behavior at this resistance zone to assess the likelihood of a breakout or a pullback.
