- Bitcoin has broken down from a rising wedge,targeting the $94,000 zone if bearish momentum continues.
- A strong support between $105,000 and $107,000, as per historical high-volume accumulation and prior price retests.
- Bitcoin still holds above the long-term trendline, keeping the broader bullish structure technically intact.
Bitcoin faces critical price action after breaking below a rising wedge, testing key support levels. Analysts debate whether the current move signals a deeper correction or a setup for a fresh rally.
Breakdown Below the Wedge Shifts Market Sentiment
Captain Faibik shared a chart on X showing Bitcoin’s daily breakdown from a rising wedge structure. After reaching highs near $122,000, price reversed and sliced below wedge support, confirming a bearish shift.
The wedge breakout followed weeks of range-bound activity between $101,000 and $114,000. A measured move projects downside near $94,000, with the wedge breakdown now exposing Bitcoin to deeper retracements.
Bitcoin is currently trading at $113,809 after losing 0.45% in the most recent session. The breakdown confirms exhaustion of bullish momentum. Price action shows consecutive rejections near the $122,000 zone before bears reclaimed control.
Support Retest at High-Volume Node
Ali, another crypto analyst, posted a separate update showing Bitcoin testing the $107,000–$105,000 region. The visible range volume profile from the BTCUSD 1-day chart indicates prior consolidation here. This zone held strong accumulation before Bitcoin’s breakout in early July.
Price recently returned to this high-volume area after failing to maintain momentum above $120,000. Current structure places $109,000–$111,000 as the point of control, with multiple prior rejections at the higher resistance zones.
Bitcoin’s sharp move beneath $114,000 shifted control to sellers, bringing price back toward familiar demand zones.
Long-Term Structure Still Bullish on Higher Timeframes
Javon Marks,analyst on X, also analyzed the BTCUSD 12-hour chart, noting Bitcoin’s retest of a multi-month ascending trendline. Price action reflects a retest of previous resistance turned support near $114,000, formed after a breakout from rounded bottom patterns.
The ongoing correction signals an overall bullish framework, with higher lows still intact. A thick support band between $113,000 and $115,000 has historically held during corrections.
If the trend continues, upside potential remains toward $135,000–$140,000.Bitcoin now stands at a critical decision point—either rebound from structure or slide deeper into previous consolidation zones.
