Bitcoin Bulls Charge Ahead - Can This Momentum Shatter All Resistance?

Bitcoin's price action just turned explosive - bulls are pushing hard against every resistance level in sight.

Breaking Through Barriers

The king of crypto isn't asking for permission as it carves through technical levels that once seemed impenetrable. Every dip gets bought, every rally extends further - classic bull market behavior that's leaving skeptics scrambling.

Momentum Metrics Scream Green

Trading volumes surge alongside open interest, while funding rates remain relatively tame - the perfect recipe for sustained upward movement. This isn't just retail FOMO; institutional money flows confirm the strength behind this move.

Key Levels to Watch

Keep eyes peeled for those critical resistance zones. Break above them and we're looking at blue sky territory - fail and we might consolidate before the next leg up. Either way, the trend remains your friend until it bends.

Traditional finance pundits watching from the sidelines must be wondering how they missed another crypto train while their bond yields barely beat inflation. Bitcoin continues doing what it does best - making believers out of doubters and profits out of patience.

Bitcoin Price Gains Traction

Bitcoin price started a fresh recovery wave from the $111,200 zone. BTC managed to climb above the $112,500 and $113,500 resistance levels.

The bulls were able to push the price above $114,000 and $115,000. The price traded as high as $116,298 and recently started a consolidation phase. There was a minor decline below $115,800, but the price is still above the 23.6% Fib retracement level of the recent MOVE from the $110,815 swing low to the $116,298 high.

Bitcoin is now trading above $114,500 and the 100 hourly Simple moving average. Besides, there is a bullish trend line forming with support at $115,000 on the hourly chart of the BTC/USD pair.

Immediate resistance on the upside is NEAR the $116,000 level. The first key resistance is near the $116,200 level. The next resistance could be $116,800. A close above the $116,800 resistance might send the price further higher. In the stated case, the price could rise and test the $117,500 resistance level. Any more gains might send the price toward the $118,400 level. The next barrier for the bulls could be $118,800.

Another Decline In BTC?

If Bitcoin fails to rise above the $116,200 resistance zone, it could start a fresh decline. Immediate support is near the $115,000 level and the trend line zone. The first major support is near the $113,550 level or the 50% Fib retracement level of the recent move from the $110,815 swing low to the $116,298 high.

The next support is now near the $113,000 zone. Any more losses might send the price toward the $112,500 support in the near term. The main support sits at $110,500, below which BTC might decline sharply.

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 – $115,000, followed by $113,500.

Major Resistance Levels – $116,000 and $116,200.