Following a peak at $118,519, Bitcoin faced a sharp drop to $114,742. The market situation necessitates an analysis of support levels and potential declines.
Daily Market Analysis
The daily Bitcoin chart confirms a rising wedge breakdown. This suggests a possible corrective phase after the recent rally. Initial support lies between $110,000 and $112,000, with the next demand zone at $105,000–$108,000.
Current Intraday Situation
In the last 24 hours, Bitcoin has been under continuous pressure. Currently priced near $115,067, with key resistance levels at $115,600 and $116,000, the situation remains highly uncertain. If support at $114,700–$115,000 fails, testing lower levels such as $113,500 could occur.
Market Outlook
The market is evaluating potential bearish risks and consolidation. An extreme breakdown could push Bitcoin to the psychological level of $100,000, but holding above $115,000 could allow stabilization. Despite current weakness, the long-term structure remains intact, with the outcome dependent on Bitcoin's ability to hold above $115,000.
In summary, Bitcoins current pressure after the $118K peak points to important support levels. Traders should closely monitor reactions to these key levels.
