Crypto Frenzy: Bulls on Parade 🐂

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As I sat in my dimly lit study, sipping on a cup of lukewarm tea, I couldn’t help but feel a sense of morbid curiosity about the latest developments in the world of cryptocurrency. And so, I began to scribble down some notes on the recent price movements of Bitcoin.

  • It appears that Bitcoin has started a fresh increase, much like a gambler on a hot streak, above the $112,500 zone.
  • The price is trading above $113,500, a number that seems as arbitrary as the promises of a get-rich-quick scheme, and the 100 hourly Simple moving average, a metric that only serves to confuse the uninitiated.
  • There was a break above a bearish trend line, a phrase that sounds like something a fortune teller would say, with resistance at $111,000 on the hourly chart of the BTC/USD pair, a graph that resembles a Jackson Pollock painting.
  • The pair could continue to rise, much like a soap bubble, if it clears the $116,800 resistance zone, a hurdle that seems as insurmountable as a mountain range.

As I delved deeper into the world of cryptocurrency, I began to feel like a character in a farce, trapped in a never-ending cycle of ups and downs. Bitcoin price started a fresh increase after it cleared the $110,500 resistance zone, a feat that seems as impressive as a circus act.

Besides, there was a break above a bearish trend line, a phrase that sounds like a refrain from a bad pop song, with resistance at $111,000 on the hourly chart of the BTC/USD pair. The bulls, those mythical creatures, even pumped the pair above the $115,000 resistance zone, a number that seems as fantastical as a fairy tale.

A new all-time high was formed at $116,800, a number that seems as fleeting as a moment of happiness, and the price is now consolidating gains above the 23.6% Fib retracement level, a phrase that sounds like a recipe for disaster.

A close above the $116,800 resistance might send the price further higher, much like a hot air balloon soaring into the stratosphere. In the stated case, the price could rise and test the $118,000 resistance level, a hurdle that seems as daunting as a marathon.

Any more gains might send the price toward the $118,800 level, a number that seems as arbitrary as a lottery ticket. The main target could be $120,000, a number that seems as mythical as a unicorn.

But, as with all things in life, there is always a downside. If Bitcoin fails to rise above the $116,800 resistance zone, it could start a downside correction, a phrase that sounds like a euphemism for a crash.

Immediate support is near the $115,300 level, a number that seems as fragile as a glass vase. The first major support is near the $113,700 level, a number that seems as uncertain as a weather forecast.

The next support is now near the $113,200 zone, a number that seems as precarious as a tightrope walker. Any more losses might send the price toward the $112,500 support in the near term, a number that seems as unreliable as a used car salesman.

The main support sits at $110,500, a number that seems as distant as a mirage. Below which BTC might continue to move down, much like a sinking ship.

And so, I shall end my musings on the world of cryptocurrency, a realm that seems as fantastical as a dream. For in the end, it is all just a game of numbers, a never-ending cycle of ups and downs, a farce that seems as absurd as a Monty Python sketch.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone, a phrase that sounds like a sports commentary.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level, a number that seems as arbitrary as a coin toss.

Major Support Levels – $115,300, followed by $113,700, numbers that seem as uncertain as a horoscope.

Major Resistance Levels – $116,800 and $118,000, numbers that seem as daunting as a mountain range.

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2025-07-11 05:32