Bitcoin Recovery Gains Traction: Can BTC Sustain Its Rally?
Bitcoin (BTC) is making an attempt to recover above the $112,500 mark, currently consolidating with potential for a rise if it surpasses the crucial resistance at $114,250.
Key Points
- Bitcoin is trading above $112,500 and has broken through several resistance levels.
- The main resistance is at $114,250; a successful breakout could lead to testing $115,000.
- Immediate support is at $112,500 and $112,000; a drop below these levels could trigger further declines.
- Technical indicators show the MACD is in a bullish zone, and the RSI remains above 50.
- Investors may consider registering on Binance or using the code YAOQING88888 for benefits.
In-Depth Analysis
Bitcoin's price initiated a fresh wave of recovery from the $110,200 zone, successfully surpassing the $111,500 and $112,500 resistance levels, indicating strong buying sentiment in the market. The breakout above the bearish trend line at $112,300 pushed BTC to a high of $114,270, showcasing the potential for a bullish trend. However, the current consolidation phase raises concerns about a possible short-term pullback.From a technical standpoint, BTC is trading at the 23.6% Fibonacci retracement level, which acts as a support. If BTC can maintain above this level, it is poised to retest the $114,250 resistance. A breakout here could lead prices towards $115,000, with further targets at $116,200 and $118,000.