Bitcoin Price Watch: BTC Presses Resistance; Daily Structure Favors Strength Above $116K

Bitcoin

On the daily bitcoin chart, price has recovered from the early-September dip near $107,270 and is stair-stepping higher toward the $116,500 to $118,000 area that capped rallies in August. The structure shows successive higher lows and higher highs, while participation eased on the latest push, which argues for confirmation before expecting continuation. A decisive daily close above $118,000 would open $124,000; failure to clear that zone risks a rotation toward the $113,500 to $114,500 support window carved by recent pullbacks.

On the 4-hour bitcoin chart, the advance that started Sept. 7 from roughly $110,021 remains intact, with rising swing lows pressing into a shelf near $116,358. Momentum has been constructive on impulsive candles, but the ceiling remains nearby and has rejected advances several times. Clearing $116,358 would put 118,000 in view; if momentum stalls again, higher-probability entries historically formed on retracements into 113,500 to 114,000, where prior demand emerged and invalidation is easier to define.

The 1-hour view shows a clean break from the $113,460 per bitcoin area, followed by a mild countertrend sequence of lower highs as volume tapered. For intraday participants, the $114,500 to $115,000 pocket serves as a first reaction zone to monitor for reversal candles and renewed turnover. If bounces continue to stall below $116,300 to $116,500, trimming risk into that band remains prudent until breadth and volume expand enough to resolve the range.

Oscillators are mixed and slightly constructive. The relative strength index ( RSI) is 56 (neutral), the Stochastic oscillator (Stoch) is 93 (neutral), the commodity channel index (CCI) is 196 (neutral), the average directional index (ADX) is 16 (neutral), the Awesome oscillator (AO) is −467 (neutral), momentum (MOM) is 3,616 ( bearish), and the moving average convergence divergence ( MACD) level is −152 ( bullish). Taken together, this blend favors a cautiously bullish stance near support and patience at resistance until momentum confirms.

Trend filters lean upward across time frames. The exponential moving average (EMA) 10 is $112,826 ( bullish), the simple moving average (SMA) 10 is $112,252 ( bullish), the EMA 20 is $112,610 ( bullish), the SMA 20 is $111,386 ( bullish), the EMA 30 is $112,940 ( bullish), the SMA 30 is $112,889 ( bullish), the EMA 50 is $113,122 ( bullish), the SMA 50 is $114,554 ( bullish), the EMA 100 is $111,028 ( bullish), the SMA 100 is $112,328 ( bullish), the EMA 200 is $104,964 ( bullish), and the SMA 200 is $102,206 ( bullish). In combination with the 1-day and 4-hour higher-low structure, which supports a constructive outlook while the market holds above the mid-$113,000s, with $118,000 the next pivotal inflection.

Bull Verdict:

While bitcoin holds above the mid-$113,000s and secures a clean reclaim of $116,358 followed by $118,000, the higher-low structure and broadly bullish exponential moving averages (EMA) and simple moving averages (SMA) stack across 10–200 periods favor continuation toward $120,000–$124,000. Confirmation would be an hourly or 4-hour close above $116,500 with expanding volume; risk shifts if price loses $114,000 intraday or a daily close falls below $113,500.

Bear Verdict:

If rallies keep stalling beneath $116,300–$116,500 and price rolls through $114,500–$113,500, the combination of a mid-range relative strength index ( RSI), subzero awesome oscillator (AO), and negative momentum (MOM) would tilt the tape lower toward $112,000–$110,000. Confirmation would be a daily close under $113,500 with rising turnover; this view is invalidated on sustained acceptance above $118,000 with improving breadth.