Bitcoin Price Targets Upside Breakout – Can Bulls Push Price Beyond Key Levels?

Bitcoin price started a recovery wave and traded above $114,200. BTC is now consolidating gains and facing hurdles near $114,750.

• Bitcoin started a fresh recovery wave above the $114,000 zone.
• The price is trading above $114,000 and the 100 hourly Simple moving average.
• There is a short-term bullish trend line forming with support at $113,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might continue to move up if it clears the $114,750 zone.

Bitcoin Price Eyes Upside Break

Bitcoin price managed to stay above the $112,000 zone and started a recovery wave. BTC settled above the $113,200 resistance zone to start the current move.

The bulls were able to pump the price above the $114,000 and $114,200 levels. The bulls even cleared the $114,500 level. A high was formed at $114,770 and the price is now consolidating gains. There was a minor decline below the 23.6% Fib retracement level of the upward move from the $108,677 swing low to the $114,771 high.

Bitcoin is now trading above $114,200 and the 100 hourly Simple moving average. Besides, there is a short-term bullish trend line forming with support at $113,300 on the hourly chart of the BTC/USD pair.

Immediate resistance on the upside is near the $114,750 level. The first key resistance is near the $115,000 level. The next resistance could be $115,500. A close above the $115,500 resistance might send the price further higher. In the stated case, the price could rise and test the $116,500 resistance. Any more gains might send the price toward the $117,500 level. The next barrier for the bulls could be $118,00.

Another Drop In BTC?

If Bitcoin fails to rise above the $114,750 resistance zone, it could start a fresh decline. Immediate support is near the $113,300 level and the trend line. The first major support is near the $112,200 level.

The next support is now near the $111,750 zone. Any more losses might send the price toward the $111,000 support in the near term. The main support sits at $110,500, 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 – $113,300, followed by $112,200.

Major Resistance Levels – $114,750 and $115,000.