Bitcoin price rebounded from $107,500 support and is testing resistance near $110,000–$112,000; a decisive breakout above this zone would likely target $115,000–$118,000, while failure to hold $106,000 may open downside to $100,000.
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BTC trading near $108,734 with resistance at $110K–$112K
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RSI 14 at 38.24 and negative MACD show sellers controlling momentum.
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Support sits at $106K–$107K; breakout above $112K could target $115K–$118K.
Bitcoin price update: BTC rebounds from $107.5K support, testing $110K–$112K resistance — monitor breakout for targets to $116K. Read now for levels and outlook.
What is the current Bitcoin price outlook?
Bitcoin price has rebounded from the $107,000–$107,500 support zone and is testing resistance between $110,000 and $112,000. Trading near $108,734, BTC remains inside a descending channel; a confirmed breakout above $112,000 would shift the near-term outlook bullish toward $115,000–$118,000.
How does the channel structure affect short-term direction?
The channel shows lower highs and lower lows, confirming short-term bearish structure. The recent bounce from the channel bottom near $107,000 suggests buyers remain present at that floor. If BTC reclaims mid-range resistance and closes above $112,000, momentum could accelerate toward analyst targets near $116,000.
Bitcoin rebounds from $107,500 support, testing $110K–$112K resistance, with analysts eyeing a possible push toward $116,000.
- Bitcoin trades near $108,734, rebounding from channel support, with resistance holding between $110,000 and $112,000.
- RSI at 38.24 and MACD weakness show sellers in control, though a bullish crossover could shift momentum higher.
- Key support rests at $106K–$107K, while a breakout above $112K may open recovery targets at $115K–$118K.
Market context: Bitcoin slipped to nearly $107,500 before buyers stepped in at channel support. Price action remains contained within a descending channel, and short-term direction depends on whether BTC can reclaim resistance and flip it into support.
Analyst Captain Faibik noted the channel bottom near $107,000 acted as reliable support while the upper boundary near $111,400 is a key barrier. He highlighted that a decisive breakout above the $110,500–$112,000 zone could accelerate momentum toward $116,000.
How should traders interpret technical indicators?
Technical indicators currently favor sellers despite the bounce. The RSI 14 at 38.24 is below neutral 50, indicating limited bullish momentum. The RSI moving average at 42.39 aligns with bearish bias.
The MACD confirms weakness: MACD line (-1,864.53) sits below the signal (-1,180.62) and the histogram shows negative divergence. This alignment suggests downward momentum may persist unless a bullish crossover occurs.
When will key levels determine the next trend?
Immediate support is at $106,000–$107,000. A break below this zone could expose lower targets near $100,000. Conversely, overcoming $110,000–$112,000 resistance would be required to set a short-term reversal and extend recovery to $115,000–$118,000.
Daily rejections around $112,000–$114,000 have capped upside recently, while buyers have consistently defended dips between $107,000–$108,000. Watch volume and candle closes around the resistance band for confirmation of a breakout.
What are the practical trading takeaways?
- Maintain risk control: place protective stops below $106,000 if trading long.
- Confirm breakouts: require a daily close above $112,000 and rising volume for reliable trend change.
- Watch indicators: a bullish MACD crossover and RSI above 50 would signal renewed upside potential.
Frequently Asked Questions
What happens if Bitcoin breaks above $112,000?
If Bitcoin breaks and closes above $112,000 on increased volume, recovery targets extend to $115,000–$118,000. Traders should watch for follow-through and indicator confirmation to validate the breakout.
How likely is a drop below $106,000?
A drop below $106,000 becomes likely if sellers sustain pressure and price closes below the $106K–$107K support band. Such a move may expose lower targets near $100,000 where buyers could reenter.
Key Takeaways
- Support and resistance: $106K–$107K support; $110K–$112K resistance.
- Indicator bias: RSI and MACD currently favor sellers but a crossover would change bias.
- Trading approach: Confirm breakouts with daily closes and volume; manage risk with stops beneath $106K.
Conclusion
In summary, Bitcoin price has bounced from a critical support area and now tests resistance at $110,000–$112,000. The near-term outcome depends on whether BTC can reclaim and close above this band; traders should monitor indicator crossovers and volume for confirmation. COINOTAG will continue to track developments and provide updates.
