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The Bitcoin value is attempting a rebound above $110,000. BTC is currently increasing and may gain momentum if it surpasses the $112,000 barrier.
- Bitcoin initiated a recovery trend above the $110,000 range.
- The price is trading above $111,000 and the 100 hourly Simple moving average.
- A short-term ascending channel is taking shape with support at $110,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- If it remains below the $112,000 zone, the pair could begin another downturn.
Bitcoin Value Begins Recovery
The Bitcoin value commenced a new recovery trend above the $108,500 range. BTC successfully rose above the $108,800 and $110,000 resistance thresholds.
The value surpassed the 50% Fibonacci retracement level of the significant drop from the $113,457 peak to the $107,352 low. The increase was notable enough for the price to surge past the $111,200 mark. Furthermore, a short-term ascending channel is forming with support at $110,500 on the hourly chart of the BTC/USD pair.
Nonetheless, the bears are still present around $111,500. Bitcoin is presently trading above $110,000 and the 100 hourly Simple moving average. Immediate resistance on the upside is around the $111,500 mark. The primary key resistance is close to the $112,000 level or the 76.4% Fibonacci retracement level of the significant drop from the $113,457 peak to the $107,352 low.
The next resistance may be at $112,500. A close above the $112,500 barrier could push the price even higher. In such a scenario, the price might rise and test the $113,450 resistance level. Additional gains could drive the price towards the $114,500 mark. The primary target could be $115,500.
Another Downturn In BTC?
If Bitcoin does not succeed in rising above the $112,000 resistance area, it may initiate a new decline. Immediate support is situated around the $110,400 level. The first significant support is near the $109,500 level.
The following support is now close to the $108,500 area. Further losses might propel the price towards the $107,350 support in the near future. The main support resides at $105,500, beneath which BTC might experience a sharp decline.
Technical indicators:
Hourly MACD – The MACD is currently losing momentum in the bullish range.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is presently above the 50 threshold.
Major Support Levels – $110,400, followed by $109,500.
Major Resistance Levels – $111,500 and $112,500.
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