Bitcoin Faces Short-Term Resistance at $115,500 with Potential for Higher Gains or Pullback

I believe Bitcoin is currently in a consolidation phase, attempting to push above the critical $115,500 resistance level. The recent recovery above $114,200 and the break above a bearish trend line signal bullish momentum, but the overarching challenge remains in overcoming the resistance zone around $115,500 and potentially reaching towards $116,250 or even $117,500. If this bullish attempt continues with a close above these resistance levels, there's a strong possibility for Bitcoin to target higher prices, potentially testing around $118,000 and even aiming for the $120,000 mark. However, if Bitcoin fails to breach the $115,500 resistance convincingly, it might face a downside correction. Support levels at $114,200 and $113,500 are crucial in this case. Breaking below these could open the door to further declines toward $112,000 or even as low as $110,500 in the near term. The technical indicators, such as the MACD and RSI, suggest cautious optimism, with the MACD losing bearish momentum and RSI staying above 50, indicating some internal strength. Overall, the market is at a pivotal point, with key resistance and support levels defining the short-term trend. A decisive move above $115,500 could set the stage for a new bullish run towards $120,000, while failure to break this resistance might lead to a retest of support levels and possibly deeper corrections. Investors should watch these levels closely and consider a cautious approach until a clear directional breakout occurs.