Bitcoin Price Analysis: BTC Troubles Just Getting Started After 3% Daily Decline?
Main Idea
Bitcoin has broken below its previous trading range and is testing a key support level at $114K, with potential for further decline or a short-term rebound depending on market demand and liquidity.
Key Points
1. Bitcoin dropped below its previous range of $116K to $123K, testing a major support level near $114K.
2. The price was rejected from the upper boundary of a rising flag near $118K, indicating strong selling pressure.
3. A break below the $114K support level could lead to further declines, while a rebound could push the price back toward $118K.
4. Liquidity pockets above $120K and below $114K are influencing price movements, with potential for sharp downside momentum if $114K is breached.
5. The 0.5 Fibonacci retracement level at $114K creates a strong support area, making it a pivotal level for Bitcoin's mid-term trend.
Description
Bitcoin is showing clear signs of weakness, with increasing selling pressure driving the price lower. The asset has now approached a decisive multi-month support zone, with a confirmed breakdown triggering a sharp decline toward the $111K threshold. Technical Analysis By ShayanMarkets The Daily Chart After an extended period of sideways movement within the $116K to $123K range, Bitcoin has now turned downward, breaching the lower threshold. This drop signals a rise in distribution and selling in...
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