Technical analysis of the BTC/USDT pair:

The current price is at $116,501, down 3.14% over the past 24 hours. The pair is facing selling pressure after failing to maintain its recent peak at $123,218. A break below the 9-day average (117,778) confirms the continuation of the short-term downtrend. Near support is at 115,736 then 113,555, while resistance is at 117,778 and 120,420. The MA(55) and MA(200) averages are at important support levels (114,362 and 108,376) enhancing the chances of a rebound. However, continued closes below the MA(9) could lead to further retracement towards 110,500. Caution is preferred until strong reversal signals appear.