Bitcoin price was around $114,112 at press time, up 0.69% in the last 24 hours. The token lost 4.66% over the past week and 4.70% in the past month.
Traders said the shift marked a change in momentum after weeks of sideways action. A failed attempt to hold above the 50-day simple moving average added to the weakness.
That indicator stood near $116,000 at press time, acting as resistance. The rejection came after BTC touched an all-time high near $124,457 earlier this month, when a bearish engulfing candle signaled the end of a four-week rally.
The move shifted the short-term outlook from continuation to corrective pullback.
Bitcoin Price Faced Pressure from Bearish Chart Structures
On the daily chart, analysts noted a developing head-and-shoulders structure. The neckline rested close to $112,000.
A sustained break below that level could trigger downside targets near $108,000. Extended weakness could send the token toward $105,000.
Candlestick patterns also pointed to s
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