Bitcoin’s latest pullback has intensified, with market watchers at MakroVision reporting that the asset has slipped under a crucial support zone.
According to the firm’s updated chart analysis, BTC is currently trading just below $113,000 after failing to hold $114,200, the 0.382 Fibonacci retracement level.
The drop comes after Bitcoin broke beneath its short-term red trend channel, signaling that selling pressure remains strong. MakroVision noted that the $114,200 level had acted as an important barrier, but its failure has opened the way toward lower price targets.
In its report, the firm highlighted the $111,000 to $108,000 range as the next zone to watch, suggesting that traders should be prepared for additional downside if bears maintain control.
Beyond that, analysts cautioned that Bitcoin could extend its decline toward the 0.5–0.618 Fibonacci retracement levels, a move that would pose a serious challenge to the medium- and long-term uptrend.
Despite the bearish signals, MakroVision left room for a potential recovery. The firm explained that if Bitcoin manages to reclaim $120,300, momentum could quickly shift back in favor of the bulls, setting the stage for another strong rally. Until then, uncertainty is expected to dominate, with heightened volatility likely to define trading conditions.
MakroVision concluded by warning investors that while short-term weakness is dominating the charts, the broader market outlook still hinges on whether Bitcoin can establish a solid base before attempting another breakout. Traders are advised to monitor the coming sessions closely, as the next move could determine whether the correction deepens or reverses.
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Source: https://coindoo.com/bitcoin-price-drops-to-113000-as-analysts-warn-of-deeper-correction/