Bitcoin has breached significant technical levels indicating bearish trends in the short term. The current price movement draws attention to key support and resistance areas.
Bitcoin Loses Key Support
Bitcoin has fallen below the crucial $111.8K support level, resulting in price declines and strengthening bear control. At the time of report, BTC traded around $110,053 with a slight daily dip of 0.01%. According to Captain Faibik, the decline is attributed to losing the daily EMA100 and the $111.8K horizontal support.
Consolidation Zone Forms Between $106K and $111K
The current price range between $106K and $111K has emerged as a key battleground for bulls and bears. BTC is facing rejection at the 50-day moving average near $111K. A short-term bounce appears underway, but confirmation is currently lacking.
Liquidity Zones Reinforce Resistance Near $114K
According to a Coinglass liquidation heatmap, sell-side liquidations intensified during the drop from $114K. The most significant liquidity clusters now sit between $113K and $117K. This area could trigger a wave of short liquidations if BTC reclaims higher ground.
The current situation in the Bitcoin market confirms bearish trends while important support and resistance levels continue to exert influence on its future movements. Investors will closely monitor the zone around $106K, which could become critical for future price swings.
