Bitcoin News Today: Bitcoin Falls 4.3% as Bearish Wedge Intensifies Focus on $113K Threshold

Bitcoin’s price action has drawn heightened scrutiny as technical analysts highlight a bearish pattern forming on the daily chart. A rising wedge, characterized by converging trendlines, has emerged as a key area of focus, with Bitcoin currently trading at $115,511 after a 4.3% decline over the past week. The formation suggests potential weakness in the uptrend, with the critical $113,000 level now serving as a pivotal threshold for further directional clarity [1].

The wedge pattern indicates a narrowing price range between $115,259 and $119,415, with Bitcoin struggling to break past the upper resistance of $119,415. This failure to breach resistance has limited upward momentum, compressing trading activity within a constrained band. Meanwhile, the $115,259 support level has held firm, preventing a deeper pullback but failing to catalyze a sustained rally. Technical analysts note that the inability to maintain momentum above this range underscores the market’s indecision [1].

A daily close below $113,000 would confirm the breakdown of the wedge, signaling a potential corrective phase. While Bitcoin remains above this critical level for now, traders are bracing for increased volatility as the price approaches the threshold. A breakdown would likely shift attention toward lower price targets, with the $113,000 mark acting as a key psychological and technical barrier. Conversely, a sustained rebound above $115,259 could reignite bullish momentum, though repeated failures to breach $119,415 suggest buyers remain cautious [1].

The current consolidation phase reflects broader market sentiment, with short-term traders focusing on the interplay between the wedge’s boundaries. A confirmed breakdown would validate the bearish implications of the pattern, potentially triggering a sharper correction. However, until the $113,000 level is decisively breached, the market remains in a state of consolidation, with volatility likely to intensify around the support zone [1].

Source: [1] [Bearish Wedge Puts Bitcoin on Edge: Will $113K Hold or Break?](https://cryptonewsland.com/bearish-wedge-puts-bitcoin-on-edge-will-113k-hold-or-break/)