🔥 Is a BTC rebound imminent? Or will it fall again?
Bitcoin is trying to rally from around $112,500 and has currently reclaimed $114,000, but there is heavy resistance above, with the real target still being $120,000.
📊 Current Trend
BTC is rebounding above $113,500.
The price remains below $115,000 and the 100-hour SMA.
There is a clear downward trend line on the hourly chart, with the resistance point at $114,800.
If it breaks above $115,000, the market is expected to continue its upward momentum.
🛡️ Support and Resistance
First key resistance: $115,000
Next strong resistance zone: $115,500
If it breaks and stabilizes, the target range will be $118,400-$120,000, with a potential push towards $121,500.
Conversely, if it fails to break:
Immediate support at $113,500, with further support at $112,400.
If it falls below, it may test $111,500, and in extreme cases, drop towards $110,000-$108,000.
⚙️ Technical Indicators
MACD: In the negative zone, with a short-term bearish bias.
RSI: Above 50, indicating some rebound momentum.
Summary: BTC is currently at a critical dividing point, with $115,000-$115,500 determining the future direction. A breakout would target $120,000, while a failure would lead to $112,400-$111,500.
