Bitcoin Price Drops to $109K After Hitting $113K High

Bitcoin dropped below $110,000 after reaching a daily high of $113,000, falling to a low of $109,427.28. This 3% decline resulted in Bitcoin losing support at the 20-day and 50-day Exponential Moving Averages (EMAs) around $114,000.

Key Technical Outlook for Bitcoin

Bitcoin is in a descending channel on the 4-hour chart.
The $107,000 support zone is crucial; if it holds, a reversal towards $116,000 may occur.
Liquidations exceeded $411 million in 24 hours, primarily from long positions.

Institutional Confidence Remains Strong

Bitwise projects Bitcoin could reach $1.3 million by 2035, driven by institutional demand.
In a bullish scenario, Bitcoin could rise to $2.97 million; in a bearish outlook, it may drop to $88,005.

Bitcoin Price Analysis: Wedge Pattern Signals Tension

Currently, Bitcoin is trading within a rising wedge pattern on the weekly chart.
Resistance near $114,000 and support suggests potential trend reversals.
If support fails, prices may drop towards $107,000; a breakout above resistance could push prices higher.

Bitcoin rising wedge pattern on the weekly chart. | Source: TradingView