Bitcoin Breaks Below Key Support, Advanced Sentiment Index Signals Bearish Shift

Bitcoin has broken down from its two-week consolidation range, falling to a local low of approximately $114,000. This decline indicates a shift in short-term momentum, with the previous support level of $117,000 now acting as resistance.

Market sentiment has turned bearish, with futures sentiment dropping to 48%. Any reading below 50% suggests bearish dominance, adding pressure to the fragile technical structure. Analysts warn that without a quick recovery above $117,000, Bitcoin risks entering a deeper correction phase.

Key Points

The Advanced Sentiment Index fell to 40%, indicating increasing risk aversion.
Although it rebounded to 48%, it remains below the critical 50% threshold.
BTC may test the $112,000 level, which could serve as psychological and technical support.
Current trading below the 50-day SMA ($116,981) confirms short-term weakness.
Volume is rising with the breakdown, reinforcing the bearish trend.

Traders are advised to remain cautious until sentiment improves and price levels are reclaimed. The upcoming sessions will be crucial for determining market direction.