Bitcoin, after reaching the top of the downtrend channel, is undergoing a technical correction and showing signs of exhaustion as it has been unable to consolidate beyond $117,900.
Bitcoin is expected to continue falling in the coming hours, reaching the 5/8 Murray level at 115,625. This level could offer an opportunity for Bitcoin to resume its bullish cycle. If bearish pressure prevails, it is expected to find strong support around $115,135 or the 200 EMA at 114,870.
If Bitcoin breaks and consolidates above $118,000, it is likely to reach the 6/8 Murray level at 118,750 and could eventually reach the 7/8 Murray level around $121,500.
A drop below $115,000 could revive the bearish cycle. So, we expect BTC to reach 4/8 of Murray at 112,500 and eventually reach the key level around the bottom of the downtrend channel located at $110,500.
