The price of Bitcoin is exhibiting encouraging trends, remaining above $115,000. Currently, BTC is in a phase of consolidation and may experience further increases if it surpasses the resistance level at $116,500.
Bitcoin has initiated a new upward movement beyond the $115,000 mark. The current trading price hovers around this level and aligns with the 100-hour Simple Moving Average. Additionally, there is a bearish trend line emerging with resistance positioned at $116,000 on the hourly chart for the BTC/USD pair (data sourced from Kraken). If this pair breaks through the $116,200 threshold, it could trigger another surge.
Bitcoin Price Maintains Momentum
The Bitcoin price has embarked on an upward trajectory above the zone of $112,500. It successfully broke through resistance levels at both $113,500 and $114,200.
The bulls managed to elevate prices past both $115,000 and $116,000 marks. The peak reached was as high as $116,743 before entering a consolidation phase where there was a slight pullback below the key level of $116,000. This drop even fell beneath the 23.6% Fibonacci retracement level calculated from its recent rise starting from a low of $110,815 to its high at $116742.
Currently trading close to around$115 ,BTC also finds itself near its 100-hour Simple Moving Average . Moreover ,a bearish trend line continues to form with notable resistance situated at approximately$116 ,as depicted in hourly charts for BTC/USD pairs .
The immediate upside resistance lies around the level of$116 ,with initial significant barriers found near$116 ,and subsequently higher up towards about$117 . Should prices manage closing over these thresholds particularly exceeding that crucial mark located just beyond117 then we might witness further ascension potentially testing limits approaching118 within short order while any additional gains could propel values closer toward118800 being next hurdle encountered by bullish sentiment moving forward .
A Potential Decline for BTC?
If Bitcoin cannot break past that critical barrier set forth by resistances hovering just under or slightly above21620 then we may see fresh declines emerge instead . Immediate support appears positioned roughly around14900 whereas first major supports come into play nearer13750 coinciding closely alongside50 percent Fib retracement derived previously discussed earlier moves ranging between110815 swing lows leading back upwards reaching peaks witnessed recently seen along16743 highs achieved earlier today
Subsequent supports are now identified down towards13000 levels should losses persist pushing lower ultimately leading down towards12500 support soon thereafter followed closely behind main stronghold established firmly resting comfortably beneath1050 which if breached would likely signal sharp declines ahead impacting overall market sentiment negatively across board significantly moving forward into future sessions ahead…
Technical Indicators:
- Hourly MACD: Currently losing momentum within bullish territory.
- Hourly RSI (Relative Strength Index):Presently sits below fifty indicating potential weakness in buying pressure occurring lately observed among traders engaged actively participating during recent fluctuations noted throughout session activity thus far..
- Major Support Levels : One hundred fifteen thousand followed closely behind by one hundred thirty-seven fifty respectively …
- Major Resistance Levels : One hundred sixteen two hundred five hundred twenty respectively …
- Major Resistance Levels : One hundred sixteen two hundred five hundred twenty respectively …