Market Trend Analysis $BTC

BTC has broken below the important support level around the daily mid-line of 117000 and has started to decline significantly. Looking at the 4H chart, the price is close to the lower Bollinger mid-line, with RSI around 45–50, indicating weak momentum.

Currently, it is oscillating in the range of 115000–116000, which is a correction and consolidation phase.

The strong resistance level is around 117000; if it does not break through 117000, the trend remains bearish, and the strategy should be to short on rallies. If it breaks 117000, wait for a day before making new arrangements.

112000 is a strong support zone; if it can hold this range, it may challenge above 120000 again.