Bitcoin Tests $111K Support Amid Market Uncertainty and Bearish Indicators

Bitcoin Tests Key Support Levels Amid Market Uncertainty

Bitcoin is currently trading around $111,300, down nearly 1% in the past 24 hours.
The asset has experienced a weekly drop of approximately 9%, following an all-time high above $126,000.
Technical indicators show pressure with bearish signals on moving averages and a cooling RSI in the mid-40s.
Key support levels are identified between $107,000–$110,000. A break below may lead to further declines toward $100,000.
A bounce back above $115,000–$123,000 is needed to regain bullish momentum.
A potential double-top formation at $126,000 suggests market fatigue.

On-chain data shows increased short exposure among Bitcoin whales, indicating caution.
Bitcoin ETF inflows have decreased by over $223 million this week after a significant surge previously.
This trend reflects a pause in institutional demand amidst broader economic uncertainties.
Gold's rally to $4,200 has shifted some investor focus away from Bitcoin.

Bitcoin’s weekly chart exhibits a rising wedge pattern, which could signal a bearish outcome.
If Bitcoin closes the week below $110,000, there is a potential downside target around $74,000, implying a 34% correction.
Long-term metrics remain strong, suggesting possible buying opportunities during retracements.
The critical focus is whether bulls can maintain the $110K support to potentially aim for another move towards $126K.