- Bitcoin price faces resistance at $117K, with support at $113.5K, signaling potential for a breakout or continued consolidation.
- MACD remains bullish for Bitcoin price, while RSI at 58.7 shows room for growth before hitting overbought conditions.
- Bitcoin price tests key $117K resistance, with rising volume indicating possible upward momentum if buying pressure increases.
Bitcoin Price value is stabilizing around the $117,000 mark, testing a major resistance level as the cryptocurrency has been sliding within a downward channel. The price movement of Bitcoin has been depicting a bit of positive movement, but it has not been able to clear the resistance zone of $117,000 and $118,000, and this points towards a possible breakoutor perhaps an extension of the current downtrend.
Bitcoin Price Action and Resistance Levels
Bitcoin price has experienced a slow upward movement, nearing the upper limit of the downward channel. The cryptocurrency has struggled to overcome the resistance of the region around $117,000, having briefly managed to break through it but never gaining enough momentum.
Currently, Bitcoin price is still trying to breach this resistance, and traders are not sure what will happen next.
Source: CryptoFaibik/X
The support has been maintaining its ground around its $113,500 to $114,000 block, cushioning any downward fluctuations. Once the Bitcoin price dips below this support, it is possible to continue to experience some downward movement to the next support level of approximately $112,500.
But the recent attempt to break the resistance in Bitcoin is a clear indication that the market can be gearing at a possible movement to the upside in case buying pressure builds.
Bitcoin Price Technical Indicators And Support Bullish Potential
The technical indicators of bitcoin price are indicative of a bullish run despite the current state of consolidation. The Moving Average Convergence Divergence (MACD) has a positive momentum as the MACD line is over the signal line, which represents buy pressure in the market.
Moreover, the MACD histogram is also positive, indicating that the price action is still under the control of buyers.
Source: Tradingview
The Relative Strength Index (RSI) shows that Bitcoin price still has space to grow before becoming overbought, as it stands at 58.72. Although the RSI is approaching the top half of its range, it has yet to enter the overbought condition, and a bullish momentum can still be expected provided the resistance at $117,000 can be surmounted.
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