Bitcoin price is consolidating gains above $113,500. BTC could rise further if there is a clear move above the $115,750 resistance.
Bitcoin started a fresh upward move above the $114,000 resistance level.
The price is trading above $114,200 and the 100 hourly Simple moving average.
There is a bullish trend line forming with support at $113,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might continue to move up if it trades above the $115,750 zone.
Bitcoin price formed a base and started a fresh increase above the $112,500 zone. BTC gained pace for a move above the main hurdle at $113,500.
It opened the doors for a move above $115,000 and the 100 hourly Simple moving average. Finally, the price spiked above $116,000 and is currently consolidating gains above the 23.6% Fib retracement level of the recent wave from the $106,718 swing low to the $116,309 high.
Besides, there is a bullish trend line forming with support at $113,900 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above $114,000 and the 100 hourly Simple moving average.
Immediate resistance on the upside is near the $115,000 level. The first key resistance is near the $115,500 level. The next resistance could be $115,750. A close above the $115,750 resistance might send the price further higher. In the stated case, the price could rise and test the $116,300 resistance. Any more gains might send the price toward the $117,500 level. The next barrier for the bulls could be $118,000.
If Bitcoin fails to rise above the $115,500 resistance zone, it could start a fresh decline. Immediate support is near the $114,000 level. The first major support is near the $113,500 level or the trend line.
The next support is now near the $111,000 zone. Any more losses might send the price toward the $110,500 support in the near term. The main support sits at $108,500, below which BTC might struggle to recover in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $114,000, followed by $113,500.
Major Resistance Levels – $115,500 and $116,500.
[#item_full_content]NewsBTCRead MoreSofter than expected private inflation data did spark some hope that the Friday decline could…
Bitcoin Magazine Why The Bitcoin Bear Market Is Almost Finished Bitcoin has struggled to maintain…
The bank’s volatility-adjusted bitcoin-to-gold model still points to a theoretical price around $170K over the…
What to Know: IMF concerns about dollar stablecoins eroding local currencies reinforce the appeal of…
Another $113 million exited on Thursday, putting the fund on track for a sixth week…
Bitcoin’s early week rally unraveled as sharp ETF outflows, aggressive derivatives deleveraging and muted altcoin…
