Bitcoin Price Bounces Higher – Clears Resistance, But Next Barrier Still Looms

Bitcoin price started a recovery wave and traded above $114,000. BTC is trading above $114,000 and facing hurdles near $115,000. Bitcoin started a fresh recovery wave above the $113,500 ￰0￱ price is trading above $114,000 and the 100 hourly Simple moving ￰1￱ was a break above a key bearish trend line with resistance at $112,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might continue to move up if it clears the $115,000 ￰2￱ Price Gains Traction Bitcoin price managed to stay above the $110,500 zone and started a recovery ￰3￱ settled above the $112,500 resistance zone to start the current ￰4￱ bulls were able to pump the price above the $113,500 and $114,000 levels.

Besides, there was a break above a key bearish trend line with resistance at $112,200 on the hourly chart of the BTC/USD ￰5￱ bulls even cleared the $114,000 level. A high was formed at $114,771 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $108,677 swing low to the $114,771 ￰6￱ is now trading above $114,000 and the 100 hourly Simple moving ￰7￱ resistance on the upside is near the $114,750 ￰8￱ first key resistance is near the $115,000 ￰9￱ next resistance could be $115,500. A close above the $115,500 resistance might send the price further ￰10￱ the stated case, the price could rise and test the $116,500 ￰11￱ more gains might send the price toward the $117,500 ￰12￱ next barrier for the bulls could be $118,00.

Another Drop In BTC? If Bitcoin fails to rise above the $115,000 resistance zone, it could start a fresh ￰13￱ support is near the $113,500 ￰14￱ first major support is near the $112,500 ￰15￱ next support is now near the $111,750 ￰16￱ more losses might send the price toward the $111,200 support in the near ￰17￱ main support sits at $110,500, below which BTC might struggle to recover in the short ￰18￱ indicators: Hourly MACD – The MACD is now gaining pace in the bullish ￰19￱ RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 ￰20￱ Support Levels – $113,500, followed by $112,500. Major Resistance Levels – $114,750 and $115,000.