Examining Bitcoin's Market Woes: Is the 3% Daily Fall Just the Beginning?

Bitcoin's price is exhibiting weakness as it faces increasing selling pressure, causing it to approach a critical multi-month support zone. A confirmed breach could lead to a sharp drop towards the $111K mark. After a prolonged period of sideways movement, Bitcoin's price has turned downwards, suggesting a rise in selling interest. This movement brings it to test a significant support near $114K, which aligns with the lower boundary of its historical price channel.

The Binance BTC/USDT liquidation heatmap reveals a tense standoff in the current market structure, with Bitcoin’s price trapped between two significant liquidity pockets. As Bitcoin hovers near the $114K mark, a downward breakout becomes more likely, which could trigger a chain reaction of stop-outs and liquidations, leading to sharp downside momentum.