Bitcoin Trades Sideways — Consolidation Above Support Could Fuel Next Upside

Bitcoin is currently consolidating its gains above $113,500 after a recent upward move. The price has risen above $114,000 and is trading above the 100 hourly Simple Moving Average. A bullish trend line is forming with support at $113,900, indicating potential for further increases. If Bitcoin can break through the $115,750 resistance, it could climb towards $116,300 and possibly $117,500. This upward momentum is supported by the MACD being in the bullish zone and the RSI being above 50. However, a failure to surpass $115,500 could lead to a pullback. Immediate support levels are at $114,000 and $113,500. Further down, significant support lies at $111,000 and the major barrier at $108,500. Traders are watching the $115,750 level closely as a key indicator for future price direction. The price is consolidating gains above the 23.6% Fibonacci retracement level of its recent price swing.