Bitcoin May Face Further Decline Toward $112,000 Support Amid Recent Price Drops

Key Points

1. Bitcoin (BTC) has dropped approximately 3% in the last 24 hours, nearing a key support level at $114,518.

2. A daily close below $114,518 could lead to a retest of the $114,000 area, with potential for further decline to $112,000.

3. Technical indicators suggest a possible downward correction toward the $112,000 to $114,000 range by the end of the week.

4. Market sentiment and external factors like regulatory developments and macroeconomic data are influencing Bitcoin's price movements.

5. Investors are advised to use technical analysis tools and monitor data sources to navigate the current volatility.