Bitcoin price analysis (Bullish) — 112769.60 USDT (-2.52% 24h)

Bitcoin is currently trading at $112,769.6, showing a slight pullback of -2.52% over the past 24 hours. The RSI reading of 16.33 indicates severely oversold conditions, which historically presents potential buying opportunities for swing traders. Price is trading below both the 20-day SMA ($114,851.48) and 50-day SMA ($115,386.28), suggesting short-term bearish momentum. However, the oversold RSI combined with substantial 24-hour volume of nearly $1.4 billion suggests we might be approaching a local bottom. Traders should consider scaling into long positions here with tight stop losses below $110,000. The current volatility of 1.03% provides decent movement for day trading opportunities. Expect potential resistance near the $115,000 level if buyers step in.