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Bitcoin Price Recovery Underway – But Momentum Tells a Different Story?
Bitcoin has begun a recovery wave, trading above $111,000 and surpassing key retracement levels. The cryptocurrency is currently above its 100-hour Simple Moving Average. A short-term rising channel has formed, with support identified at $111,500. Immediate upside resistance is located near the $112,500 level. A decisive break above $113,450 could lead to further gains, potentially targeting $115,500. Conversely, failure to overcome the $112,500 resistance may trigger a fresh decline. Key support levels to watch are $111,500 and $110,000. The hourly MACD is gaining momentum in bullish territory, and the RSI is above 50. Immediate resistance is at $112,500, with a more significant level at $113,450. Bitcoin's price action suggests a potential for continued upward movement if key resistance levels are cleared.
