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Bitcoin Price Forecast: Will BTC Hold Above $110,500 Support?
Bitcoin (BTC) has recently entered a recovery wave, gaining traction above the critical $114,000 zone. After a period of consolidation, the leading cryptocurrency appears poised to challenge significant resistance levels, sparking renewed optimism among traders and analysts.
Bitcoin Breaks Above $114,000, Signals Bullish Momentum
BTC started showing strength as it held above the $112,000 support level, triggering a fresh upward move. The bulls quickly pushed the price past the $113,200 resistance, and momentum carried the asset above $114,000 and $114,200, culminating in a high at $114,770.
This upward momentum is supported by Bitcoin trading comfortably above the 100 hourly Simple Moving Average (SMA). A short-term bullish trend line on the hourly chart further reinforces positive sentiment, with support currently holding near $113,300.
Despite a slight pullback below the 23.6% Fibonacci retracement of the recent upswing from the $108,677 swing low to $114,771 high, BTC remains firmly above key technical levels, hinting that the recovery is intact.
Key Resistance Levels to Watch: $114,750 and Beyond
Bitcoin is now facing immediate resistance around the $114,750 mark. Surpassing this hurdle could open the gates for further gains. The next important resistance sits near $115,000, followed closely by $115,500.
Should BTC manage a decisive close above $115,500, it may embark on a stronger rally targeting the $116,500 resistance, and potentially even the $117,500 level. A further breakthrough beyond these levels could push Bitcoin toward the psychologically significant $118,000 barrier.
What If Bitcoin Faces a Pullback?
While the bulls are clearly in control, failure to overcome the $114,750 resistance could trigger a short-term decline. The first line of defense for BTC lies at the bullish trend line and support near $113,300.
Below this, $112,200 serves as the next major support level. If sellers intensify pressure, Bitcoin could drop to around $111,750, and a deeper correction might even test the critical $111,000 support.
The most vital support to preserve bullish momentum is at $110,500. Falling below this threshold could hamper Bitcoin’s short-term recovery prospects.
Technical Indicators Highlight Growing Bullishness
Technical signals are aligning in favor of buyers. The hourly MACD (Moving Average Convergence Divergence) is gaining strength within the bullish zone, suggesting upward momentum is building.
Meanwhile, the Relative Strength Index (RSI) on the hourly chart has climbed above the neutral 50 mark, indicating growing buying interest without reaching overbought territory yet.
What’s Next for Bitcoin?
Bitcoin’s immediate future hinges on how it handles the crucial $114,750 resistance. A successful break above this level could pave the way for a multi-level rally, targeting milestones up to $118,000.
Conversely, a failure to clear resistance may lead to some consolidation or a minor correction toward the $110,500 to $113,300 support zone. Investors and traders should monitor these key levels closely as they offer critical insights into the next directional move.
