$BTC Bitcoin (BTC) is currently trading around $116,630, showing a -1.14% decline over the last session. The price recently peaked at $124,474 before facing strong resistance and retracing downward. At the same time, the 24-hour volume is quite significant, signaling increased activity during this pullback.

From a technical perspective, BTC has dropped below the short-term moving averages (MA5 and MA10), indicating bearish momentum. The candlestick patterns suggest selling pressure, as the market is forming lower highs after the rejection at $124K. However, the longer-term trend (90-day and 180-day gains of over 10% and 21%) still points to overall bullish strength in the bigger picture.

Forecast:

In the short term, Bitcoin may continue to test the $114,000–115,000 support zone. If this level holds, a rebound toward $118,000–120,000 is possible. On the other hand, a breakdown below $114,000 could trigger a deeper correction toward $111,000. Traders should remain cautious, as volatility is high and the market sentiment is shifting from greed to caution after the recent rally.