Bitcoin Eyes Key Resistance Levels Amid Recovery
- Bitcoin price is trading above $114,000 and the critical level of the 100 hourly Simple Moving Average.
- BTC started a recovery wave after testing the $106,720 zone, moving past the $112,000 resistance.
- A bullish trend line is forming with support at $113,350 on the hourly chart of BTC/USD.
- Immediate resistance levels are near $115,250 and $115,500, with potential further gains up to $118,800 if surpassed.
- Major support levels are identified at $114,000 and $113,500 should a pullback occur.
Bitcoin’s price is attempting to overcome significant resistance levels as it consolidates above key supports like the $114,000 mark and the hourly Simple Moving Average. A successful breach of these resistances could propel BTC towards higher targets such as $118,800.
The ongoing recovery wave highlights Bitcoin’s resilience after dipping below crucial zones earlier this week. Investors are closely watching whether BTC can maintain momentum above pivotal resistance points to sustain its upward trajectory in the near term.(Source)
