Bitcoin Price Eyes Breakout at $117,250 Resistance, Targets $119,250
Bitcoin price has climbed above $116,500, extending its rebound from around $114,500 and holding above the 100-hour moving average. The pair now faces key resistance at $116,950 and $117,250, with a decisive close above $117,800 likely to open the path toward $118,500 and $119,250. On the downside, support zones lie at $116,200, $115,500 and $115,000, while a break below $112,500 could trigger a sharper pullback. Hourly technical indicators for Bitcoin price remain bullish, with a rising MACD and RSI above 50 reinforcing the potential for an upside breakout. Traders should monitor these critical levels to gauge momentum or risk of a pullback.
Bullish
The steady climb from $114,500 to above $116,500 and the hold above the 100-hour moving average underscore growing bullish momentum. In the short term, a clear break above resistance at $117,250 and especially $117,800 would likely trigger fresh buying interest, targeting $118,500 and beyond. Long term, sustained support at key zones like $116,200 and $115,500, coupled with rising MACD and RSI above 50, suggests the broader Bitcoin trend remains upward. While failure to breach resistance may invite a temporary pullback, overall technical indicators and price progression point to continued bullish bias.