Bitcoin Bearish Trend with Support at 114,300 USD Predicted

Based on the current chart analysis, Bitcoin (BTC/USDT) is experiencing a significant decline, currently trading around 115,138.51 USD. The recent drop has broken through the support level at 116,000 USD, indicating strong bearish sentiment and increased selling pressure. The next support level to watch is near 114,300 USD, while resistance is positioned around 117,000 USD. This breakdown suggests that the prevailing trend is bearish, with lower lows and lower highs becoming evident. The confidence in this analysis is relatively high at 8 out of 10, reflecting the strength of the recent bearish signals. From a strategic perspective, it’s advisable to wait for a confirmed bounce above 116,000 USD before considering long positions, ideally accompanied by strong bullish candles. Conversely, short-selling opportunities could arise if the price breaks below 114,300 USD, capitalizing on the current bearish momentum. It’s prudent to avoid trading between 115,000 and 116,000 USD due to high volatility and uncertain reversal signs. Overall, traders should exercise caution in this declining market environment and look for clear confirmation signals before entering new trades, aligning with the overall bearish momentum and the technical resistance and support levels identified.