Well, it looks like Bitcoin is trying to make another run. After a bit of a shaky period, the price has managed to push back above $116,500. That’s a decent move, honestly. But it’s not exactly smooth sailing from here.

There’s this stubborn hurdle right around $117,250 that’s acting like a ceiling. Until it gets through that, any major upward move might be tough. I think the bulls are trying, but it’s a real fight.

Where Bitcoin Stands Now

The climb started from a base above $115,500. From there, it broke past a couple of minor resistance points at $116,000 and $116,200. The push even got it above $117,000 for a bit, hitting a high near $117,291.

But then, as often happens, it pulled back. It dipped below $116,800 and even retraced about half of the recent upward move. The good news is that buyers seemed to step in again around the $115,000 mark, which kept it from falling further. It’s currently holding above that $116,200 level, which is also where the 100-hour simple moving average is. That’s usually a halfway decent sign.

There’s also this trend line on the hourly chart that’s been providing support around $115,500. It’s not a guarantee, but it’s something the bulls are probably watching closely.

The Next Big Test

So what’s next? All eyes are on that $117,250 zone. If it can close above that, things could get more interesting. The next target would be around $117,800, and a break above that might open the door to test $118,500. Maybe even higher.

But that’s a pretty big ‘if’. It’s failed at this level before.

The Other Possibility

Of course, it could go the other way. If it can’t get past $117,250, we might see it drop back down. The first real support is at that trend line around $115,500. If that doesn’t hold, $115,000 is the next level to watch. A break below that could see it slide toward $114,500.

The technical indicators are giving a slightly positive signal for now. The hourly MACD is picking up speed in the bullish zone, and the RSI is above 50. But these things can change in an instant. They often do.

For anyone watching, the major supports are $115,500 and then $115,000. The resistances to beat are $116,950 and, most importantly, that $117,250 level. It feels like the market is just waiting to see which way this breaks.