From the daily chart, Bitcoin has been "running" within an upward channel since March of this year. However, the price has recently fallen back to the lower half of this channel. If the important support at $112,500 cannot be maintained, there may be further downside risk for #BTC .

In the medium term, the upper boundary is around $104,400, which is an important support level for the bull market, while the lower boundary is around $101,400. If Bitcoin cannot return to the midpoint of the channel, which is approximately $121,800, it will be relatively difficult for bulls to turn the market around.

It is worth noting that the market's volume indicator (OBV) has recently stabilized, indicating that the pressure for accumulation is easing, but there is currently no clear reversal signal. Over the past two weeks, Bitcoin's momentum has weakened, and traders have been cautious about breaking through the current resistance.

In simple terms, Bitcoin is now at a critical juncture; maintaining support is very important, and investors should closely monitor price movements and manage risks!