Bitcoin Surpasses $114,000 Following Positive Economic Data
- Bitcoin’s price reached $114,182.91, breaking through the $113,600 resistance level.
- The bullish inverse head and shoulders pattern indicates a potential target near $120,000.
- Recent support is provided by ascending simple moving averages (SMA) across the last three periods (50-, 100-, and 200-hour).
- The MACD histogram has crossed above zero, signaling a positive shift in market sentiment.
- Resistance is anticipated around the key level of the SMA at $114,700.
The recent increase in Bitcoin’s value follows softer-than-expected U.S. PPI data, suggesting a renewed bullish trend after a pullback from highs above $124,000. Key levels to watch include potential resistance at $114,700 and support around $110,000.
With Bitcoin now above $114,000 and showing bullish momentum as indicated by its MACD and SMAs, traders will be monitoring these critical levels closely for further movements.(Source)
