Bearish signals have collectively erupted! How far will $BTC drop before it's over?

Currently, Bitcoin is facing key resistance around 116980, and the technical indicators have clearly released bearish signals.

The hourly K-line has formed a bearish engulfing pattern at a high level, combined with a peak formation structure that confirms a local top, indicating that the short-term upward trend has ended. More concerning is the continuous shrinkage in trading volume, which has clearly weakened market participation and momentum for a bullish counterattack.

The 118868 area constitutes a strong resistance zone, where buying support is extremely weak, and bears have completely taken control. I personally believe that the current technical indicators have formed multiple resonant bearish signals: the RSI has dropped below the 50 midline and is accelerating downward, while the KDJ has formed a death cross that is diverging and widening, both confirming the continuity of the bearish trend.

If the price cannot reclaim the EMA52 moving average in the short term, the downward target will look towards the 114640 support level. At this point, caution should be exercised as bears may further intensify their efforts; market sentiment has clearly turned pessimistic, and it is recommended to pay close attention to the breakthrough of resistance levels and changes in trading volume.

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