Bitcoin Near Support Level at 117,239: Bullish or Bearish Trend Depends on Hold

I'm observing that Bitcoin struggles to sustain the 117,239 level on the 1-hour candlestick chart, indicating a potential downturn in the market trend. This suggests that if Bitcoin cannot hold this support level, we might see the market turning bearish, so I will be cautious with my trades.

However, if Bitcoin manages to maintain this level, the bullish trend is likely to continue, and the market sentiment remains positive. Monitoring this key level will be crucial for my trading decisions.

The current situation reflects the importance of support levels in technical analysis and how they can Signal possible market reversals or continuations. A break below the support can trigger a shift to a bearish trend, while holding the level supports the continuation of the rally.

In summary, I will stay alert to Bitcoin's ability to stay above 117,239, adjusting my trading strategies accordingly based on whether this support holds or breaks. This approach helps in managing risk and capturing potential profit in the volatile crypto market.