Bitcoin May Face Further Decline if Support Levels Near $117,000 Fail to Hold, Analysts Suggest
Main Idea
Bitcoin (BTC) is facing selling pressure, with its price approaching critical support levels at $117,000, and a break below this could lead to further declines toward $115,000-$116,000 or even $112,000 if bearish momentum persists.
Key Points
1. Bitcoin price dropped 0.75% in the last 24 hours amid midweek market selling.
2. Critical support levels are being tested at $117,421 (hourly) and $117,000, with a potential breakdown triggering further declines.
3. A daily close below $117,000 increases the likelihood of a drop to the $115,000-$116,000 range.
4. Midterm outlook suggests weakening trend, with $112,000 as a major psychological and technical barrier if selling pressure continues.
5. Technical indicators highlight the importance of monitoring the $117,000 zone for signs of stability or further breakdown.
Description
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