BTC analysis for today

Current Price: Around $116,029, with a daily range between approximately $114,742 and $116,997.

Moderate Decline: Discussions mention that the price of Bitcoin has dropped around 2.5%–2.65%, approaching the support zone of $115K after an intraday low touch in that area.

Profit-Taking and Liquidation Action: After reaching a new all-time high around $124K, the market experienced selling pressure and there was significant liquidation.

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Technical Analysis & Trend

Rising Wedge Breakdown: The technical pattern "rising wedge" has broken down, increasing the likelihood of a deeper correction to the $88K–$94K zone in the coming weeks.

Bearish Pressure on Bullish Trendline: Technical indicators, including the weekly stochastic, show bearish signals that may indicate further correction.

Wedge Consolidation: BTC is currently consolidating around $117K in a wedge pattern; a breakout to the upside could push the price to $123K, while a breakdown could target $112K.

H4 Demand Zone: Price reaction in the demand zone (4-hour) is not strong, but it can still be a potential rebound point.

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Fundamental Driver

Federal Reserve Uncertainty: As Chairman of the Fed, Jerome Powell approaches his speech in Jackson Hole, analysts warn of potential profit-taking that could increase selling pressure.

Liquidity & Buying Pressure: Despite the liquidation happening, there is buying euphoria on the other side of traders taking advantage of the price drop.

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Short-Term Prospects

Scenario Target Price Explanation

Bullish $117K → $123K If there is a breakout from the wedge pattern and strong demand support.
Bearish $115K → $112K If a breakdown occurs from the wedge pattern and selling pressure continues.
Correction
Could go to $94K
If the rising wedge breakdown triggers a deep correction.

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Strategy Recommendation

Wait for Breakout/Breakdown Confirmation: Ensure there is a closure above or below the important level ( around $117K or $115K) before making a decision.

Manage Risk: Volatility remains high; use appropriate stop-loss and avoid excessive exposure.

Observe Macro Sentiment: News related to Fed policy released in the coming days could be a major catalyst for prices.
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