Bitcoin has entered a corrective phase after its recent all-time high, with the price consolidating at key supports and on-chain data showing increased profit-taking. Market sentiment is cautious, and the next move will decide whether the pullback extends or a fresh bullish leg begins.
By Shayan
The Daily Chart
BTC has broken down from its rising channel after failing to hold above the $124K mark, leading to a correction toward the $110K support zone. The asset is currently hovering below this level, which also aligns closely with the 100-day moving average, making it a critical area for determining whether the recent drop is just a healthy retracement or the start of a deeper pullback.
The rejection from the top of the channel signals that bullish momentum has weakened, and sellers have taken more control in the short term.
The RSI is also at 43, sitting below the neutral 50 level, which confirms bearish momentum is in play. If Bitcoin fails to climb back above $110K, the next key sup
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