What are the current support and resistance levels for Bitcoin?

**Support Level**: Bitcoin is currently defending the $112,000 support level, which is crucial as it holds the potential for a rebound towards $120,000.

1. **Support Level Dynamics**:
- Bitcoin has shown resilience at the $112,000 mark, with traders closely monitoring this level for signs of recovery.
- The $108,600 level has also emerged as a significant support, particularly in the context of a broader market trend.
2. **Resistance Level Considerations**:
- Bitcoin faces resistance at the $117,600 level, which has been challenging for the asset to surpass during recent rallies.
- A critical resistance level is noted at $118,367, which could influence Bitcoin’s next upward movement.
- The $120,000 resistance is pivotal, as overcoming this could signify a bullish shift, while sustained pressure below it might indicate a prolonged consolidation phase.
3. **Current Price Context**: As of the latest data, Bitcoin’s closing price was $109,691.82, reflecting a level that is under current resistance but above support levels that could lead to a rebound if defended.

In summary, Bitcoin is navigating a complex landscape of support and resistance levels. While the $112,000 level is a critical support, resistance at $117,600 and $118,367 must be overcome for a sustained upward movement. The market is closely watching these levels for guidance on future price direction.