Bitcoin Price Update: Bullish Trend Strengthens Above $113,000, Traders Target $115,000
Bitcoin Chart Overview
Daily Chart:
Bitcoin is recovering after a sharp drop from around $126,000 to $103,500. The price is now climbing again, showing signs of a short-term uptrend.
However, trading volume remains low, which means buyers are not yet fully confident. This could make the current rally fragile, especially near the $115,000–$116,000 resistance area where selling pressure may appear.
4-Hour Chart:
On the shorter timeframe, Bitcoin formed a double bottom pattern near $106,000, which often signals a potential reversal.
Since then, the price has moved higher toward $113,000, supported by stronger volume. While the structure supports a continued rise, the move looks slower than typical strong rallies.
As Bitcoin approaches $114,500–$115,000, momentum might cool down, possibly leading to sideways movement or a pause before the next move.
1-Hour Chart:
Bitcoin recently broke out of its trading range, jumping sharply from $111,000 to $113,800 on strong volume. It’s now consolidating above that level, forming new short-term support around $112,800–$113,000.
If volume stays strong, Bitcoin could push higher again. But if volume fades or price gets rejected near $114,500, a short-term pullback could follow.
Indicators:
- RSI: 52 (neutral)
- Stochastic: 68 (slightly bullish)
- CCI: 4 (neutral)
- ADX: 19 (weak trend)
- Momentum: 5,174 (positive pressure)
- MACD: -1,313 (slowly turning bullish)
These indicators suggest mild upward momentum but no strong trend yet.
Moving Averages:
Most Exponential Moving Averages (EMAs) — the 10, 20, 30, 50, 100, and 200 — are now positioned below the price, showing a bullish structure.
However, some Simple Moving Averages (SMAs) — especially the 30, 50, and 100 — are still above the price, which could act as resistance in the near term.
Overall, the setup looks cautiously optimistic, but traders should watch for resistance around previous highs.
