Bitcoin Tests Key Support at $111,877 After Wedge Break
Bitcoin trades below a key support level after breaking a rising wedge pattern. At $115,454, it is testing immediate support at $111,877. Analysts warn that a drop below $111,877 could push Bitcoin toward the psychological $100,000 mark and extended targets at $95,000–$92,000. Conversely, reclaiming $118,000–$120,000 may trigger a bullish reversal, with resistance at $124,000–$127,000 and potential breakouts toward $130,000–$135,000. The rising wedge signals weakening momentum and a likely corrective phase. Traders should monitor these critical support and resistance levels closely, as a decisive move will shape Bitcoin’s short-term direction and market sentiment.
Bearish
Bitcoin’s break below the rising wedge support signals a shift from bullish momentum to a corrective phase. Historically, rising wedge failures often lead to significant retracements, as seen in mid-2021’s price corrections. The immediate support at $111,877 is critical; a breach could trigger stop-loss orders and accelerate selling toward $100,000 and lower pivot zones around $95,000–$92,000. In the short term, market sentiment may turn negative as traders reduce exposure. However, a rebound above $118,000–$120,000 would invalidate the bearish wedge, likely restoring confidence and driving prices back toward $127,000 and beyond. Long-term outlook hinges on reclaiming higher support levels. Overall, the pattern aligns with past technical breakdowns and advises caution until Bitcoin confirms its next directional move.