Bitcoin (BTC) has rallied by over 2% over the last 24 hours, a move that has pushed it back above $112,000 level. This push has also resulted in positive sentiment for Bitcoin as analysts eye more gains for the king crypto. 

Specifically, investors and analysts are targeting $115,000 level next. But will BTC continue to surge? Let’s see what on-chain and technical indicators show!

BTC Climbs to $112,000, RSI Hints at More Gains 

As reported by Blockchain News, Bitcoin remained range-bound between $108,000 and $110,000 over the last 3 days. However, over the last 24 hours, the coin found fresh momentum which pushed it by over 2%, helping it push outside the consolidation zone to the upside. 

As of this writing, the 4-hour chart on TradingView shows that BTC is trading at $112,199 after the bullish push. Bitcoin’s RSI on the 4-hour chart also hints at further upside potential. Its RSI currently sits at 63.55, having surged gradually from below 30, just 4 days ago. This surge suggests that bullish momentum is finally picking up pace after the dip to $108,000 last Thursday. 

Crypto analyst Ted Pillows, associated the recent rally with investors closing their short positions. However, he claims that for a strong recovery, BTC has to close above $113,500, or else, it will dip again. 

“$BTC also had a pump just like $ETH, mostly due to short positions getting closed. For a strong Bitcoin rally, a daily close above $113,500 is needed. Otherwise, BTC will most likely revisit its lows again,” he wrote. 

Bitcoin Exchange Reserves Dip to an All-Time Low, Shows Investor Conviction

Despite uncertainty in the price of Bitcoin, investors have also continued to express conviction for a bullish rally. Exchange reserves data shows this conviction. According to data by CryptoQuant, Bitcoin’s exchange reserves have dipped to $2.38 million, marking an all-time low. 

Normally, a drop in exchange reserves signals a drop in selling pressure. For the case of Bitcoin, investors are now not looking to sell. Instead, there is conviction for a bullish price rally. 

Will BTC Reach $115,000 or Dip Again?

From the current level, Bitcoin could either rally to $115,000 or dip to previous lows once more. In case of an upside price movement, BTC faces immediate resistance around $113,433. In fact, as mentioned earlier, Ted Pillows suggests that climbing above $113,500 is crucial for continued momentum. 

Once BTC achieves this level, the next stop could be $115,008 or even higher to $116,031. A breach of all these resistance levels could further send the price to $117,577. 

On the other hand, if BTC bulls fail to defend the current level, a dip will be imminent. BTC currently has immediate support at $111,349. A plunge below this level could result in a dip to the next stronger support at $110,031 or even lower to $108,625. 

$1.58B Shorts Stand at Risk if BTC Reaches $115,000

If Bitcoin continues to rise, fueled by strong investor conviction and technical indicators, bears stand to be hit hard. As observed by crypto trader Kamran Asghar, a total of $1.58 billion shorts will be liquidated once Bitcoin climbs to $115,000. 

At the moment, BTC seems primed for a bullish rally. Nonetheless, investors need to watch price performance in the next sessions to determine where the price goes next.