Bitcoin according to TradingView continues to weaken, and at the time of writing, its price is around $112,600. This development indicates that the market is still searching for a stable bottom. From a technical analysis perspective, it is important to monitor support and resistance zones, which can determine the next direction of movement.

Bitcoin and its current correction

The nearest significant support is located between $108,000 and $102,000. This zone is interesting because a large number of trades occurred here in the past, which may indicate that buyers could start entering the market again. This creates potential for a rebound and stopping the ongoing correction.

On the other hand, if Bitcoin fails to hold above this area, further decline could follow. In that case, attention shifts to the zone between $99,000 and $94,000. This level could serve as a second barrier for sellers and also a potential opportunity for investors waiting for a more favorable entry.

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Risks of falling below psychological levels

In addition to monitoring supports, it is equally important to pay attention to resistances. Currently, a significant resistance zone is located between $116,000 and $120,000. This area could create problems if the market attempts a stronger upward rebound.

Bitcoin is currently down by only 9.70%, which is a common fluctuation in cryptocurrency. Therefore, it cannot yet be considered a major correction.

The key question remains whether Bitcoin will stay above the $100,000 mark or experience deeper declines. Traders should monitor not only price levels but also overall market sentiment and trading volumes. These often signal future moves and reveal where real investor interest lies.

The development shows that the correction may not be over yet, and investors should anticipate the possibility of testing lower levels. On the other hand, every correction also brings new opportunities for those who patiently wait for the right market entry moment.