Bitcoin Struggles to Overcome $115,000 Resistance, Eyes $120,000 Ceiling
Bitcoin remains under pressure after dipping below $113,200, testing support near $112,000. The crypto trades under the 100-hour simple moving average and faces a key bearish trend line at $113,500. A clear break above $115,000 is needed to trigger a rally toward $116,500 and the next Fibonacci target at $118,200, with a stretch goal of $120,000. Conversely, failure to reclaim $114,500 could open the door to declines toward $112,500 and $110,500, with major support at $105,500. Technical indicators show the hourly MACD in bearish territory and the RSI holding around 50, suggesting mixed momentum. Traders will watch these levels closely to determine whether bulls can regain control or bears push prices lower.
Neutral
The report highlights Bitcoin trading below its 100-hour SMA and under a bearish trend line, reflecting uncertain momentum. Key resistance at $113,500–$115,000 mirrors past congestion zones where failed breakouts led to swift pullbacks. If bulls cannot clear these levels, traders may reengage short positions, targeting supports at $112,500 and $110,500—areas that previously held during the May downturn. Conversely, a decisive surge above $115,000 could reverse sentiment, echoing the April rally that propelled BTC toward $120,000. Similar historical patterns show Bitcoin oscillating within such ranges before choosing a direction. Thus, the immediate outlook remains balanced as market participants await confirmation from these technical thresholds, resulting in a neutral stance.