Bitcoin is currently encountering strong resistance near the $115,000 price level, struggling to secure a decisive breakthrough.
A successful move past this barrier, however, could potentially open the path for a rally toward $118,000 in the near term.
Significant accumulation by large holders (‘whales’) and renewed inflows into U.S.-listed spot Bitcoin exchange-traded funds (ETFs) are reinforcing strong support above $112,000 for the cryptocurrency.
Technical analysis indicators, particularly divergences in the Relative Strength Index (RSI), suggest that bullish momentum may reassert itself should Bitcoin convincingly surpass the $115,000 mark.
Heightened institutional interest is evident, reflected by the consistent inflows into U.S. spot Bitcoin ETFs, which have been a key factor in maintaining the price floor above $112,000.
Market analysts indicate that sustained support above the $112,000 threshold could establish a foundation for Bitcoin to potentially reach the $150,000 level by the final quarter of this year.