Bitcoin Eyes Short‑Term Upside

[umair]

Bitcoin is showing signs of a modest recovery after finding support near the $112,000 zone. The price managed to climb above the key $113,500–$114,200 range and is now consolidating just above the hourly 100 SMA—a historically notable level that often signals short‑term momentum shifts.

The bulls are now targeting resistance at around $115,500. If Bitcoin clears that hurdle, there's potential to test higher levels near $116,250 and even push toward the $117,500–$118,000 area. A successful breakout through these points could open the door to reclaiming $120,000 in the near term.

However, the bears aren’t out of the picture yet. If Bitcoin fails to hold above the $115,500 resistance, it may slip back toward support at $114,200—or deeper to $113,500. In a more bearish scenario, the floor at $112,000 could come into play, with a possible drop toward $110,500 if selling pressure mounts. A breach below that could set the stage for retesting support near $108,500.

There’s still a bit of indecisiveness in the short-term market structure, but right now, momentum looks slightly bullish. If traditional resistance levels are breached, we might see a return of upward momentum—and fast.

What’s your call? Do you think Bitcoin can break upward toward $118,000, or will resistance hold and usher in another dip?