Bitcoin at Risk of Further Drop as $110K Support Wavers
Bitcoin’s price has stabilized around the $110K support after a steep $15K drop but remains under bearish pressure. On the daily chart, BTC price formed a lower low and trades below a breached ascending trend channel. The RSI stays under 50, signaling continued seller momentum and a risk of a further decline toward the $100K psychological level. The 4-hour chart shows Bitcoin making lower highs and lows within a descending channel, with potential targets at a $104K fair value gap or $100K if the channel breaks down. On-chain data highlights a rising Exchange Whale Ratio, indicating large holders may accelerate selling into the current range. Unless BTC price breaks back above the channel and RSI pushes above 50, traders should brace for increased volatility and deeper corrective moves.
Bearish
Bitcoin’s current pattern mirrors past corrections when support breaks led to swift moves toward psychological levels. The breach of the ascending channel and RSI remaining under 50 confirm seller control, similar to previous declines in late 2024. Rising whale inflows to exchanges historically precede sharp corrections, as seen before the July peak. In the short term, traders might face increased selling pressure and volatility if BTC price fails to reclaim the channel. Long term, sustained consolidation above $100K could set the stage for a healthier recovery. Overall, the technical and on-chain signals align for a bearish outlook until key resistance and momentum metrics improve.