Bitcoin Analysis – 1H Chart

Bearish Pennant forming — price is consolidating within a descending triangle/pennant after a sharp drop, indicating a possible continuation.

🔺 Key Resistance Zones:

$114,509 – $114,742 (marked with dark red zone)

Fibonacci 50% – 61.8% levels aligning with this resistance zone

🔻 Support Zones:

$112,533 (current 78.6% fib retracement acting as intraday support)

$109,320 – $108,720 (potential bounce zone)

$105,503 – $105,097 (final bearish target if breakdown continues)

📐 Fibonacci Retracement Levels

Price retraced to 50%–61.8% and is now testing lower levels.

Breakdown from this region confirms bearish pressure.

📈 Bias: Bearish below $113,000
📉 Next Potential Target:

Short-term: $109,300

Medium-term: $105,000

💬 Conclusion: BTC is showing weakness after a failed breakout and rejection from fib resistance. If $112,500 breaks, expect acceleration toward $109K and possibly $105K.