Bitcoin Price Prediction: Bullish Momentum May Push BTC to $118,000

The price of Bitcoin (BTC) has started a new pump trend since breaking through the $108,500 range. BTC is currently up over 3% and showing positive momentum at the $110,000 level.

Bitcoin price breaks key resistance, showing more pump potential

The Bitcoin price began a new pump after breaking through the resistance range of $108,500. BTC accelerated its rise, breaking through multiple important resistances of $108,800 and $109,500.

In addition, the hourly chart for the BTC/USD trading pair shows that Bitcoin has broken through a bearish trend line at $108,800. The bulls further pushed the price above $110,000. This opens the door for a further rise in price towards $112,000.

After reaching a high of $112,000, the Bitcoin price is undergoing slight fluctuations and consolidation. The BTC price has tested the 23.6% Fibonacci retracement level from the low of $107,500 to the high of $112,000.

Currently, the Bitcoin price is stable above $109,500 and remains above the 100-hour simple moving average (SMA). The recent upward resistance is around $111,600. The first key resistance is near $112,000. The next resistance may be at $112,500.

After the pump breakthrough, BTC price may challenge $115,000

If the price of Bitcoin breaks through the resistance level of $112,500, it may continue to pump, targeting the $115,000 level. If it rises further, BTC may test the resistance range of $116,000. The final main target could reach $118,000.

The possibility of a downward correction in Bitcoin prices

If Bitcoin fails to break through the resistance zone of $112,000, it may trigger a certain downward correction. The recent support level is around $110,800, and if it falls below this support, it may further test the $109,750 area, or the 50% Fibonacci retracement level, with a target correction range from $107,500 low to $112,000 high.

Further support levels are at the $109,200 range. If the price continues to weaken, it may test the support level of $108,500. A greater downside risk would hit the major support area at $107,500; if it breaks below this level, the Bitcoin price may decline further.

Bitcoin Technical Indicator Analysis

• Hourly MACD: The current MACD indicator is accelerating in the bullish zone, showing positive signals in the market.
• Hourly RSI (Relative Strength Index): The RSI for BTC/USD is currently above 50, indicating strong bullish momentum.

Main Support Level:

• $110,800, followed by $109,750

Main resistance level:

• $112,000 and $115,000