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Bitcoin Price Update: Can BTC Break Above $116,250 to Reach $120K?
Bitcoin Price – Bitcoin [BTC] is showing early signs of recovery after bouncing from the $112,000 support zone. As of now, BTC is consolidating above the critical $114,000 level and attempting to overcome the $115,500 resistance, a key hurdle for a further bullish surge.
Bitcoin Breaks Bearish Trendline, Signals Potential Upside
After a brief pullback near $112,000, Bitcoin launched a recovery wave climbing past resistance at $113,500 and $114,200. A notable technical development came with the break of a bearish trend line at $114,300 on the hourly BTC/USD chart (Kraken data), signaling a shift in short-term momentum.
BTC is currently trading above the 100 hourly Simple Moving Average (SMA), a bullish technical sign. The price has also approached the 50% Fibonacci retracement level of its recent swing from $118,918 down to $112,000, suggesting bulls are attempting to regain ground.
Key Resistance Levels to Watch: $115,500, $116,250, and Beyond
The immediate obstacle for Bitcoin remains the $115,000 zone, with a more significant barrier at $115,500. If BTC manages to clear this resistance, the next key target lies near $116,250, corresponding with the 61.8% Fibonacci retracement of the recent move.
A decisive break above $116,250 could ignite further buying interest, potentially pushing Bitcoin toward the $117,500 resistance and beyond. Should momentum sustain, the $118,000 and even $120,000 levels could come into play as bulls aim for higher ground.
What If Bitcoin Fails to Clear $115,500?
While the upside potential looks promising, failure to break above $115,500 might trigger renewed selling pressure. Immediate support is at $114,200, followed by a crucial support near $113,500.
A deeper pullback could see Bitcoin testing the $112,000 zone again, and if bearish momentum continues, the price might dip toward $110,500. The main support zone rests near $108,500, below which the downtrend could accelerate.
Technical Indicators Show Mixed Signals
- Hourly MACD: Momentum is currently fading in the bearish zone, hinting that selling pressure is weakening but no clear bullish reversal yet.
- Hourly RSI: The Relative Strength Index is hovering just above the 50 mark, indicating a neutral to slightly bullish stance.
These mixed signals suggest a cautious market sentiment as traders await a clear directional cue.
Consolidation Phase Before the Next Big Move?
Bitcoin’s recent price action highlights a classic consolidation phase, balancing between short-term support and resistance zones. The break above the bearish trend line and trading above the 100-hour SMA are positive signs, but the critical test lies at the $115,500 resistance level.
If bulls succeed, the path to $120,000 and beyond may be paved, but failure could mean another correction down to key support zones near $113,500 or even $108,500.
Investors and traders will be watching these levels closely, as Bitcoin’s next move could set the tone for the coming weeks.
After a recent dip near the $112,000 support zone, Bitcoin (BTC) has started to regain strength, climbing back above the crucial $114,000 level. Traders are closely watching the $115,500 resistance as a decisive barrier that could determine BTC’s short-term trajectory. A successful break above this level may unlock further gains, potentially pushing Bitcoin toward $116,250 and even the $120,000 psychological milestone.
Technical indicators support a cautious optimism: the Hourly MACD is slowing its bearish momentum, and the RSI has climbed above the neutral 50 mark, signaling growing buying interest. However, if BTC fails to clear $115,500, it may retest lower supports at $114,200 or even $112,000, risking another downward move.
Overall, the market remains watchful. Bitcoin’s ability to hold above these key support zones while challenging resistance will be crucial for setting the tone of the coming weeks.
