๐ฅ Bitcoin Fights Back โ But Resistance Levels Remain Strong
Bitcoin is attempting to recover after dipping toward $112,500. The price has climbed back above $114,000, but several major hurdles stand in the way of a move toward $120,000.
Current Market Action
BTC bounced from $113,500, but it still trades under $115,000 and the 100-hour SMA.
The BTC/USD hourly chart highlights a descending trend line with resistance near $114,800.
A decisive break above $115,000โ$115,500 could set the stage for a rally toward $118,400, aligning with the 50% Fib retracement of the recent drop from $124,420 โ $112,400.
If momentum continues, bulls may eye $120,000โ$121,500 as the next key targets.
Downside Risks
Failure to clear the $115,000 barrier could invite another leg lower:
Immediate support sits at $113,500, followed by a stronger floor at $112,400.
A break below $111,500 could accelerate losses toward $110,000, with the $108,000 zone acting as the ultimate defense level.
Technical Indicators
Hourly MACD: Bearish momentum remains intact.
Hourly RSI (BTC/USD): Holding slightly above 50, showing a balance between bulls and bears.
๐ Key Levels to Watch:
Support: $113,500, $112,400, $111,500
Resistance: $114,800, $115,000, $115,500
๐ Bitcoin is at a critical juncture โ either it reclaims momentum above $115K or risks another dip toward $110K.