Bitcoin price $111K support retest 'in progress' as RSI points higher

Bitcoin (BTC) price action is currently consolidating around $114,000 after a strong weekly close, with analysts watching for a retest of key support levels. Trader Rekt Capital identified the 21-week EMA at $111,200 and the $114,500 weekly close as crucial areas bulls must reclaim, noting that this retest is now "in progress." Investor Ted Pillows added that holding the $113,500 zone is vital for further gains, otherwise a correction toward $110,000 could occur. Supporting the bullish short-term outlook, the hourly Relative Strength Index (RSI) shows a hidden bullish divergence, indicating potential upward continuation despite higher timeframe RSI suggesting trend exhaustion. This price action occurs ahead of the US Federal Reserve's key interest-rate decision, which has caused risk assets like stock futures to cool slightly.

(Source：Cointelegraph)