Bitcoin (BTC) fell below $117,000 today, marking its lowest level in several days, after reaching a new all-time high near $124,480 this week.
📰 Fundamental factors of the drop:
📈 Inflation higher than expected in the U.S. (PPI) → Reduces expectations for aggressive rate cuts by the Fed.
💰 No new BTC purchases by the U.S. Treasury → Hit to market sentiment and trigger for technical selling.
💹 Massive profit-taking → After the historic rally, large holders (“whales”) have closed positions, increasing downward pressure.
🌐 Widespread sell-off in the crypto market → Risk appetite falls and outflow affects BTC and altcoins.
📊 Technical analysis 1H:
Broken support: $117,250–$117,000 (former defensive zone) → now immediate resistance.
Downward targets:
🎯 $116,600 (first level to watch)
🎯 $115,800–$116,000 (potential bounce zone)
🎯 $114,500 (major support if pressure continues)
Key resistances:
🔼 $117,200–$117,500 → probable pullback if there is a bounce.
🔼 $118,000–$118,300 → intraday ceiling.
📈 Possible short-term scenarios:
1. Continued downward trend: If it doesn't recover $117k, we could see drops towards $116,000.
2. Technical bounce: If demand appears near $116,600, possible return to $117,500–$118,000 before deciding direction.
💡 Conclusion: BTC enters a corrective phase after historic euphoria. The $117k support is now the dividing line: as long as it doesn't recover strongly, the intraday bias remains bearish.#BTC $BTC