Bitcoin has shifted from a strong uptrend into a corrective structure. After making a higher high near $124,533, price failed to sustain upward momentum and rolled over. The most recent Break of Structure (BOS) occurred at $112,879, where price broke below a prior swing low. This BOS suggests a transition from bullish continuation into a potential bearish phase. No clear Change of Character (CHoCH) back to the upside has formed yet, meaning sellers remain in control.
Supply & Demand Zones
The chart shows a large demand zone between $92,000–$99,000. Historically, buyers stepped in aggressively from this region, pushing Bitcoin higher into fresh highs. That makes it a strong zone, but given the heavy rejection above $120k, it could be tested again. The midrange zone near $111,000–$112,000 acted as support previously, but sellers broke it decisively, showing weakness. On the supply side, the area between $118,000–$120,000 remains strong, where price dropped sharply with little resistance from buyers.
Price Action in the Marked Region
Currently, Bitcoin is retesting the $111,000–$112,000 level, which previously broke down. Price is showing rejection wicks and hesitation here, suggesting supply is capping upside. The marked arrow points toward the $98,730 level, indicating expectation for another leg down into the larger demand zone. If price respects this rejection and fails to reclaim above $112,800, continuation to the downside is highly probable.
Trade Bias & Outlook
The current trade bias is bearish. Expected direction is lower toward $98,700, with potential extension into the $92,000–$94,000 demand zone if momentum accelerates.
Invalidation level: A decisive daily close above $113,000 would negate this bearish setup and open the path for retest of $118,000–$120,000.
Momentum & Candle Behavior
Momentum favors sellers—down moves have been impulsive, while rallies look corrective. Recent candles show long upper wicks and smaller real bodies, consistent with supply absorption. Unless strong bullish candles break through overhead resistance, sellers remain dominant.
