Bitcoin Support Breach at $117,000 Signals Potential Gap Fill and Critical Market Turning Point

Key Points

1. Bitcoin's critical support at $117,000 has been breached, with 720,000 BTC accumulated at this level, indicating intense bull-bear competition.

2. The market is navigating a double anchor chip structure between $116,000-$119,000 and $102,000-$109,000, with potential bottom near $112,000-$113,000.

3. If Bitcoin fails to reclaim $117,000, the likelihood of further downward movement increases, while a swift recovery could stabilize the market.

4. The $116,000-$119,000 chip zone shows high resistance with a narrow range, while the $102,000-$109,000 zone is a strong support area.

5. The breach of $117,000 highlights market uncertainty and the importance of monitoring chip zones for future price movements.