Bitcoin falls sharply, testing crucial support levels after slipping under the $112,000 mark, raising concerns of deeper downside risk.
Bitcoin (BTC) has seen renewed selling pressure, sliding to $111,900 in the last 24 hours before recovering slightly to $113,527 at press time. The drop below $112,000 placed the world’s leading cryptocurrency into a key demand zone, testing investor conviction amid broader market uncertainty.
The chart highlights Bitcoin trading within a descending channel, capped by strong resistance around $123,000. Sellers remain in control after multiple failed attempts to break above this level.
The latest decline pushed BTC into the $111,500–$112,200 green support zone, an area that has repeatedly prevented deeper losses in recent weeks. If Bitcoin holds this zone, it may attempt a rebound toward $115,000. However, a confirmed breakdown could expose the next major support closer to $109,000.
“Bitcoin’s rejection from the $123,000 zone has reinforced bearish sentiment. The $112,000 support is crucial – losing it could accelerate selling toward $110,000,”  BITX market strategist noted.
Trading volume spiked during the recent drop, signaling strong activity from both long-term holders and short-term traders. Analysts suggest that while Bitcoin remains above $110,000, sentiment could stabilize, but the absence of sustained buying above $115,000 keeps bears in the driver’s seat.
“For momentum to shift, bulls must reclaim $115,500 and close above it. Until then, downside pressure remains the dominant theme,”According to BITX .
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.