Bitcoin Accelerates Higher As Bulls Target Break Above $115,500 Resistance
Bitcoin price is attempting to recover above $113,500. BTC could rise further if there is a clear move above the $115,500 resistance.
- Bitcoin started a fresh recovery wave above the $113,500 resistance level.
- The price is trading above $114,000 and the 100 hourly Simple moving average.
- There is a bullish trend line forming with support at $113,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might continue to move up if it trades above the $115,500 zone.
Bitcoin Price Starts Fresh Increase
Bitcoin price declined again below the $108,000 level. BTC tested the $106,720 zone and recently started a fresh increase. There was a move above the $112,000 resistance level.
The bulls were able to pump the price above $113,500 and the 100 hourly Simple moving average. Finally, the price spiked above $115,000 and is currently consolidating gains above the 23.6% Fib retracement level of the recent wave from the $106,718 swing low to the $115,400 high.
Besides, there is a bullish trend line forming with support at $113,350 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above $114,000 and the 100 hourly Simple moving average.
Immediate resistance on the upside is near the $115,250 level. The first key resistance is near the $115,500 level. The next resistance could be $116,200. A close above the $116,200 resistance might send the price further higher. In the stated case, the price could rise and test the $117,000 resistance. Any more gains might send the price toward the $118,000 level. The next barrier for the bulls could be $118,800.
Another Pullback In BTC?
If Bitcoin fails to rise above the $115,500 resistance zone, it could start a fresh decline. Immediate support is near the $114,000 level. The first major support is near the $113,500 level or the trend line.
The next support is now near the $111,000 zone. Any more losses might send the price toward the $110,500 support in the near term. The main support sits at $108,500, below which BTC might struggle to recover in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $114,000, followed by $113,500.
Major Resistance Levels – $115,500 and $116,500.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Ondo Crypto Holds $0.53 as Bulls Defend Key $0.52 Support Amid Market Slide
AI boom reshapes the wafer foundry landscape! UBS: Explosive demand accelerates advanced process expansion, mature process enters upward cycle
UBS stated in a recent research report that within the foundry market, the Total Addressable Market (TAM) for the N2 (2nm) node far exceeds expectations, A14 (1.4nm) production expansion is accelerating, and the upcycle for mature process nodes has already begun.
$1,999 Foldable iPhone Is Ready, but Apple (AAPL.US) Faces Over $5.7 Billion Patent Penalty
As Apple intensifies its efforts in foldable displays and AI business, it faces a haptic technology patent compensation ruling exceeding $5.7 billion. On September 25, a federal jury in California found that Apple's Taptic Engine, used in certain iPhone and Apple Watch models, infringed on two patents held by Taction Technology.
Prospects for the opening of the Hormuz Strait are overshadowed, Asian bonds under pressure: 2Y Japanese bond yield approaches 2%, 3Y Korean bond yield rises to highest level since 2022
With high oil prices, short-term bond yields in South Korea and Japan have risen.
Crypto prices
More
