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 level.Bitcoin started a recovery wave above the $111,000 zone.The price is trading above $111,000 and the 100 hourly Simple moving average.There 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 zone.Bitcoin Price Eyes Upside BreakBitcoin price started a fresh recovery wave above the $109,650 zone. BTC was able to climb above the $110,200 and $110,500 resistance levels.The recent swing low was formed at $109,369 before the price climbed again. There 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 level.Bitcoin is now trading above $111,000 and the 100 hourly Simple moving average. Immediate 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 pair.The 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 low. The next resistance could be $112,000. A close above the $112,000 resistance might send the price further higher. In the stated case, the price could rise and test the $112,500 resistance level. Any more gains might send the price toward the $113,200 level. The 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 decline. Immediate support is near the $111,000 level. The first major support is near the $110,350 level.The next support is now near the $109,350 zone. Any more losses might send the price toward the $108,500 support in the near term. The main support sits at $107,500, below which BTC might decline sharply.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 – $110,350, followed by $109,350.Major Resistance Levels – $112,000 and $112,500.Weiter zum vollständigen Artikel bei NewsBTC Weiter zum vollständigen Artikel bei NewsBTC