Bitcoin May Face Further Decline if Support Levels Near $117,000 Fail to Hold, Analysts Suggest

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.