**Bitcoin Recovers Above $114,000 as Crypto Market Stabilizes from Historic Wipeout**

In a significant recovery move, Bitcoin has regained ground above the $114,000 mark following a massive liquidation event that saw its price plummet below $110,000. This rebound is part of a broader effort by the crypto market to stabilize after experiencing one of its most severe wipeouts in recent history.

Bitcoin’s price trajectory has been marked by a series of resistance levels, with the cryptocurrency managing to surpass the key $111,500 and $112,000 barriers. The price surge even pushed Bitcoin above the 50% Fibonacci retracement level of its sharp decline from a high of $123,750 to a low of $100,000. Despite this progress, Bitcoin faces immediate resistance near the $116,000 level, with further hurdles at $116,250 and $118,000.

Technical indicators suggest a bullish trend, with the MACD gaining pace in the bullish zone and the RSI above the 50 level. However, despite these positive signals, Bitcoin’s recovery is hindered by its trading below the 100-hour Simple Moving Average and a bearish trend line forming resistance around $119,500.

The broader crypto market is also showing signs of recovery, with key altcoins like Ethereum, Solana, and XRP making gains following a steep crash. Analysts are highlighting these altcoins as potential buys in the current market, suggesting that investors are looking for opportunities beyond Bitcoin.

The outlook for Bitcoin remains mixed. While there is optimism about its potential to breach higher levels, such as $122,500 or even $140,000 by the end of October, as suggested by some forecasts, the immediate challenges near the $116,000 and $118,000 resistance levels could stall further gains. If Bitcoin fails to clear these hurdles, it may face a fresh decline, potentially testing support levels around $113,500 and $112,500.

Overall, while Bitcoin’s recovery above $114,000 is a positive sign for the crypto market, sustained momentum will depend on overcoming the current resistance levels and maintaining a trajectory that supports a longer-term uptrend.