The Is Solana crypto a good investment?cryptocurrency market witnessed Bitcoin breaking through previous records, establishing a fresh peak beyond the $111,500 threshold. Currently undergoing consolidation, BTC appears positioned for potential upward movement targeting the $113,200 range.
BTC initiated its latest ascent from the $108,000 support level
The digital asset maintains position above both $108,000 and the 100-hour Simple Moving Average
A significant bullish trendline emerges with $110,000 support on BTC/USD hourly charts (Kraken data)
Overcoming $112,000 resistance could accelerate bullish momentum
Record-Breaking Performance for Bitcoin
Building upon the $105,000 support foundation, Bitcoin successfully established a base before conquering the $108,000 resistance barrier. Market participants propelled prices beyond $110,000, ultimately shattering the $111,500 ceiling to achieve unprecedented highs approaching $111,980.
Current price action shows consolidation above the 23.6% Fibonacci retracement level, measured from the recent swing low of $104,270 to the $111,980 peak. The cryptocurrency maintains its position above crucial technical indicators including the $109,000 level and 100-hour SMA, while the emerging trendline at $110,000 provides additional support.
Upward potential faces immediate resistance near $112,000, with subsequent barriers at $112,500 and $113,200. A decisive break above these levels could open the path toward testing $115,000, with extended targets near $118,000 under sustained bullish conditions.
Evaluating Downside Potential
Failure to surpass $112,000 may trigger corrective movement, with initial support emerging at the $110,000 trendline. The $108,200 level represents a major support zone, coinciding with the 50% Fibonacci retracement of the recent upward swing from $104,270 to $111,980.
Additional support layers exist at $107,200 and $106,000, with the critical $105,000 level serving as a potential pivot point that could determine broader market sentiment. Breaching this threshold might signal shifting momentum.
Technical indicators suggest:
Hourly MACD shows accelerating bullish momentum
RSI maintains position above the neutral 50 level
Key support levels: $110,000 followed by $108,200
Critical resistance zones: $112,000 and $113,200
