Bitcoin (BTC) encountered heightened selling pressure during midweek trading, with prices declining 0.75% over the past 24 hours. The market downturn has driven the cryptocurrency toward crucial technical support levels that could determine its near-term trajectory.
Analysts identify the $117,421 hourly support and $117,000 psychological barrier as critical thresholds. A confirmed daily close below $117,000 significantly increases the probability of extended declines toward the $115,000-$116,000 price band. Sustained bearish momentum might ultimately challenge the $112,000 support zone, which represents both a major technical floor and psychological barrier.
Market structure shows signs of weakening in the midterm timeframe as traders monitor price action around the pivotal $117,000 region. Technical indicators suggest this area will prove decisive for establishing either price stability or confirming further bearish continuation. Market participants await confirmation of either consolidation or breakdown at these key levels.