Key Points
- BTC has risen more than 1% and is now trading above $111,000.
- The coin could move toward $115,000 if the bullish trend continues.
The cryptocurrency market regains stability
The cryptocurrency market was volatile at the start of the week, with Bitcoin experiencing whipsaw price action. Over the past 24 hours the market has steadied, however, and leading coins have posted solid gains.
Bitcoin, Ether and XRP prices showed signs of stabilization early today as market momentum calmed following recent swings. Major cryptocurrencies remain above key support levels, and momentum indicators point to bullish pressure with potential signs of a short-term recovery.
Bitcoin eyes $115,000 amid early recovery signals
The 4‑hour BTC/USD chart still shows a prevailing downtrend, despite Bitcoin adding about 1% over the last 24 hours. Earlier this week BTC was rejected at the 50‑period exponential moving average (EMA) at $113,329 and dropped nearly 3% on Wednesday.
It later retested the 61.8% Fibonacci retracement level at $106,453 and recovered roughly 2.33% on Thursday before moving back above $111,000.
The 4‑hour Relative Strength Index (RSI) sits around 58, suggesting early signs of growing bullish momentum. For Bitcoin to mount a sustained rally, the RSI needs to remain above the neutral 50 level. Additionally, the moving average convergence divergence (MACD) lines have converged in the past 24 hours and formed a bullish crossover.
If the bullish momentum continues, Bitcoin could extend its rally toward the 50‑period EMA at $113,329. A sustained upswing could push price to the next resistance area around $115,137.
On the other hand, if bulls fail to capitalize on this momentum and the daily candle closes below $106,453, Bitcoin may extend losses toward the October 10 low near $102,000 in the coming days.
Overall momentum is turning bullish, which could allow Bitcoin to build on current gains and challenge resistance near $115,000.