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>>Bitcoin's rapid rebound is encountering challenges – will the upward trend continue?

Bitcoin's rapid rebound is encountering challenges – will the upward trend continue?

crypthub

1 day ago

Bitcoin's Recent Price Action

Bitcoin's price has experienced a recovery wave following a significant liquidation event below $110,000. The price successfully climbed above several resistance levels, including $111,500 and $112,000. Currently, BTC is facing challenges and trading below the 100 hourly Simple moving average.

Resistance and Potential Upside

Immediate resistance lies around the $116,000 level, with further resistance near $118,000. A breakthrough above $118,000 could lead to a test of the $119,500 resistance and potentially reach $120,000. Bulls will need to overcome several barriers for sustained upward momentum.

Potential Downward Trend

If Bitcoin fails to sustain above $116,000, a fresh decline is possible. Immediate support is established at $114,000, followed by further support at $113,500. Losing these levels might lead to a test of $112,500 and potentially $110,500.

Technical Indicators

The hourly MACD is gaining momentum in the bullish zone, while the RSI is above the 50 level. Key support levels to watch are $113,500 and $112,500, while resistance sits at $116,000 and $118,000.