$BTC The recovery of the BTC price depends on one level

The price of Bitcoin is still under pressure, but there are signs of a possible reversal. Today, the price rose slightly to $113,600 but remains 1.3% lower on the 24-hour chart. Strong support is around $111,900. If this level holds, recovery may begin soon.

On the other hand, the nearest resistance is around $114,600. The next significant obstacles are at the levels of $116,715 and $118,197; the latter serves as a key turning point from previous local highs. A breakthrough above $118,200 will confirm that momentum is back on the side of the bulls.

When a similar situation occurred in the past with short-term holders, an increase in short-term supply and a negative SOPR often indicated a local bottom. In the previous case, this led to a rally of more than $10,000 within a few days.

If the current trend continues, the price of Bitcoin may soon soar. However, if it drops below $111,900, a more significant correction is possible, which would put the optimistic forecast in question.