Bitcoin’s Dance: Up, Down, and Everywhere 🕺💰

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In the grand theater of finance, Bitcoin has once again taken the stage, attempting a recovery wave above $111,000. Like a noble steed, BTC is now rising, and might gallop faster if it can clear the formidable $112,500 resistance level.

  • Bitcoin, with the grace of a seasoned dancer, has started a recovery wave above the $111,200 zone.
  • The price, much like a stubborn traveler, is trading above $111,200 and the 100 hourly Simple Moving Average, defying the naysayers and skeptics alike.
  • A short-term rising channel is forming, with support at $111,500 on the hourly chart of the BTC/USD pair (data feed from Kraken), as if the market itself is drawing a line in the sand.
  • Should the price remain below the $112,500 zone, it might embark on another decline, a cruel twist of fate for those who dared to hope.

Bitcoin, ever the dramatic character, began a fresh recovery wave above the $109,500 zone. With a determined spirit, BTC climbed above the $110,000 and $110,500 resistance levels, as if scaling the walls of a fortress.

The price, like a knight in shining armor, cleared the 61.8% Fib retracement level of the key drop from the $113,457 swing high to the $107,352 low. The upward move was so bold that the price even surpassed the $112,000 resistance zone. A short-term rising channel is forming, with support at $111,500 on the hourly chart of the BTC/USD pair, as if the market is whispering words of encouragement.

Bitcoin is now trading above $111,000 and the 100 hourly Simple Moving Average, consolidating its gains near the 76.4% Fib retracement level of the key drop from the $113,457 swing high to the $107,352 low. The immediate resistance on the upside is near the $112,500 level, a hurdle that must be overcome to continue its heroic journey.

The first key resistance is near the $112,800 level, a gate guarded by the spirits of past trades. The next resistance could be $113,450, a towering wall that, if breached, might send the price soaring to the $114,500 resistance level. Any further gains might propel the price toward the $115,000 level, with the ultimate goal being the lofty height of $115,500.

Another Pullback In BTC?

If Bitcoin, in its quest for glory, fails to rise above the $112,500 resistance zone, it might face a new challenge, starting a fresh decline. Immediate support is near the $111,500 level, a resting place for weary bulls. The first major support is near the $110,500 level, a sanctuary for those who have lost their way.

The next support is now near the $110,000 zone, a familiar ground where many have found solace. Any more losses might send the price toward the $109,250 support in the near term, a place of reflection and contemplation. The main support sits at $108,500, a critical point below which BTC might decline sharply, a fall from grace that would shake the very foundations of the market.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone, a sign of renewed strength and vigor.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level, indicating a market that is ready to take on the world.

Major Support Levels – $111,500, followed by $110,000, the stepping stones of a hero’s journey.

Major Resistance Levels – $112,500 and $113,450, the gates that must be opened to reach the promised land.

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2025-09-04 05:32