Bitcoin Rally Continues with Short-Term Upside Potential Amid Key Resistance Challenges

I believe that Bitcoin's recent attempt to recover past the $114,200 level indicates a potential short-term bullish trend. The fact that BTC is consolidating and may challenge the $115,500 resistance suggests that the bulls are gaining momentum, especially with the break above the bearish trend line at $114,300 on the hourly chart. This recovery rally, supported by Bitcoin trading above both $114,000 and the 100-hour simple moving average, points towards a possible continuation higher if the resistance at $115,500 can be cleared. The Fibonacci retracement levels around $116,250 and $117,500 further reinforce the potential for upward movement, possibly aiming towards $118,000 or even the $120,000 mark. However, there's caution to consider: if Bitcoin fails to breach the $115,500 resistance, a decline could ensue, with supports at $114,200, $113,500, and $112,000. A breach below these levels, especially the main support at $108,500, could signal a bearish reversal. Overall, the technical indicators suggest a cautious optimism—while the momentum is currently bullish, the resistance levels are significant hurdles. Monitoring the key resistance at $115,500 and support at $113,500 will be crucial for short-term traders.