Bitcoin Price Gains Steam – $112K Level Could Decide the Next Surge

Bitcoin price is attempting a recovery wave above $111,500. BTC is now rising and might gain pace if it clears the $112,000 resistance ￰0￱ started a recovery wave above the $111,000 ￰1￱ price is trading above $111,000 and the 100 hourly Simple moving ￰2￱ is a connecting bearish trend line forming with resistance at $111,600 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might start another decline if it stays below the $112,500 ￰3￱ Price Eyes Upside Break Bitcoin price started a fresh recovery wave above the $109,650 ￰4￱ was able to climb above the $110,200 and $110,500 resistance ￰5￱ recent swing low was formed at $109,369 before the price climbed ￰6￱ was a move above the 50% Fib retracement level of the recent decline from the $112,537 swing high to the $109,369 low.

However, the bears are active below the $112,000 ￰7￱ is now trading above $111,000 and the 100 hourly Simple moving ￰8￱ resistance on the upside is near the $111,600 level. Besides, there is a connecting bearish trend line forming with resistance at $111,600 on the hourly chart of the BTC/USD ￰9￱ first key resistance is near the $111,800 level or the 76.4% Fib retracement level of the recent decline from the $112,537 swing high to the $109,369 ￰10￱ next resistance could be $112,000. A close above the $112,000 resistance might send the price further ￰11￱ the stated case, the price could rise and test the $112,500 resistance ￰12￱ more gains might send the price toward the $113,200 ￰13￱ main target could be $115,000.

Another Drop In BTC? If Bitcoin fails to rise above the $112,000 resistance zone, it could start a fresh ￰14￱ support is near the $111,000 ￰15￱ first major support is near the $110,350 ￰16￱ next support is now near the $109,350 ￰17￱ more losses might send the price toward the $108,500 support in the near ￰18￱ main support sits at $107,500, below which BTC might decline ￰19￱ indicators: Hourly MACD – The MACD is now gaining pace in the bullish ￰20￱ RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 ￰21￱ Support Levels – $110,350, followed by $109,350. Major Resistance Levels – $112,000 and $112,500.