$BTC The daily chart shows that Bitcoin recently faced a sharp rejection at the level of $124,517, forming a bearish engulfing pattern that initiated a sustained downward channel.

This decline ended at $111,919, which held as support but only led to a weak bounce. Trading volume increased at the top, indicating profit-taking and the beginning of distribution.

The overall market structure on the daily timeframe remains bearish, and the lack of a significant bullish reversal keeps the risk of a breakdown below $111,919 relevant, with expected support between $108,000 and $110,000.

=============

On the 4-hour chart, Bitcoin continues to trade within a descending triangle or bearish flag pattern after a sharp drop from $124,517 to $114,442.

The recovery attempt lacks momentum, with the price consolidating below resistance at $117,500.

The prevailing pattern of lower highs reinforces the bearish bias in the medium term.

If Bitcoin does not overcome the level of $117,500 on increased volume, the likelihood of further breakdown increases, especially below the level of $114,500, which could again lead to the support zone of $112,000.

============

Short-term price movements on the 1-hour chart of Bitcoin are characterized by a gradual rise from the level of $114,442, forming higher lows. However, weakening volume on green candles signals a decrease in buying pressure. For intraday traders, a breakout above the level of $116,000 may trigger a short-term bounce to $117,000–$117,500, potentially fueled by a short squeeze. Conversely, a drop below $114,500 is likely to accelerate the downward momentum and invalidate the current recovery structure.

===========

Bull's verdict:

For bulls, Bitcoin must recover and hold above $118,000 on strong volume to confirm a potential trend change.

This will invalidate the downward pattern and indicate renewed buying strength, potentially opening the way back to $120,000 and above.

Until then, bullish positions remain speculative and should be approached with disciplined risk management.

==========

Bear's verdict:

From a bearish perspective, the structure across all timeframes remains unfavorable for sustained upward momentum.

A breakdown below $114,500 is likely to trigger further selling aimed at the $112,000 zone with the potential for a deeper decline to $108,000.

Without a decisive reversal pattern, the prevailing trend favors the continuation of downward pressure.