Bitcoin is under pressure today after slipping beneath a major support zone, sparking renewed bearish sentiment across the market. The breakdown has triggered stop-loss orders and algorithmic selling, adding to downside momentum and leaving traders on alert for deeper corrections.
BTC dropped below the $115,486 daily pivot and its 7-day simple moving average ($116,087), both critical short-term support levels. The breach signaled weakness and encouraged technical traders to exit positions, reinforcing the selloff.
RSI (24h): 53.65 — not oversold, leaving room for further decline
Breakdown trigger: Stop-loss orders and algo-driven selling added momentum after the pivot failed
The next important support lies at $113,847, corresponding to the 38.2% Fibonacci retracement from July’s swing low. A sustained close below this level would likely invite additional selling pressure.
Immediate support: $113,847 (38.2% Fib)
Deeper risk: $111,335 (61.8% Fib) if downside continues
The latest decline illustrates how markets can enter a self-reinforcing cycle once critical supports fail. As stop-losses trigger, selling pressure escalates, making it harder for bulls to defend levels.
For now, the key level to watch is $113,847. Holding above this mark could stabilize price action, while a close below risks a further slide toward $111,335.
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While Bitcoin’s RSI shows no extreme oversold conditions, the technical picture favors further weakness unless buyers can reclaim broken pivots. Until then, caution is warranted.
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