Recent price analysis of Bitcoin reveals clear signs of weakness, with increasing selling pressure leading the asset toward a critical support level.
Technical Analysis
After an extended period of sideways movement between $116K and $123K, Bitcoin has turned downward, breaching the lower threshold. This drop indicates a rise in selling interest, currently testing support near $114K. A break below this level may trigger new sell orders, leading to a correction toward $111K.
On-chain Analysis
The Binance BTC/USDT liquidation heatmap indicates a standoff within the market structure, with Bitcoin's price caught between significant liquidity pockets above $120K and below $114K. A drop below $114K could trigger liquidations, causing sharp downside momentum.
Conclusion
The current state of Bitcoin's market requires close monitoring of key support levels. Traders should be prepared for potential volatile price movements.
Bitcoin is experiencing selling pressure, and price dynamics will largely depend on the reaction to key support levels.
