🚀 Bitcoin Bulls Eye Breakout – Is the Recovery Strong Enough to Smash Resistance?

Bitcoin price is trying to return over $110,000. Bitcoin is gaining and may accelerate if it breaks $112,000 barrier.


The Bitcoin price began recovering over $110,000.

The price is over $111,000 and the 100-hour SMA.

The hourly BTC/USD chart shows a short-term ascending channel with support at $110,500.

If below $112,000, the pair may fall again.

Bitcoin Price Recovers

Bitcoin launched a new rebound over $108,500. BTC broke $108,800 and $110,000 barriers.

The price broke the 50% Fib retracement barrier of the $113,457 swing high to $107,352 low dip. The price rose over $111,200. The hourly BTC/USD chart shows a short-term ascending channel with support at $110,500.

Bears remain active at $111,500. Bitcoin is over $110,000 and the 100-hour SMA. Near $111,500 is immediate upward barrier. The first significant barrier is $112,000, the 76.4% Fib retracement level of the critical slide from $113,457 swing high to $107,352 low.

Next resistance may be $112,500. A closing above $112,500 barrier might boost prices. Should the price climb, it might hit $113,450 barrier. More advances might push the price toward $114,500. The goal may be $115,500.

Another BTC Drop?
Bitcoin may fall again if it fails to break $112,000 barrier. Near $110,400 is immediate support. Near $109,500 is the first substantial support.

Around $108,500 is the next support. More losses might push the price toward $107,350. BTC may fall quickly below $105,500, the primary support.

The technical indications

Hourly MACD | MACD is falling in the positive zone.

Relative Strength Index hourly BTC/USD RSI is over 50.

Major Support Levels: $110,400, $109,500.

Major Resistance: $111,500, $112,500.

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