Bitcoin price is showing short-term weakness, trading near $114,700 as sellers pressure support. BTC is likely to consolidate between $113,000 and $118,000 this week; a daily close below current levels raises the probability of a drop toward $113,000. Monitor volume and hourly support for bounce signals.
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Key levels: $113,000 support, $123,236 resistance
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Short-term bias: sellers testing control on hourly and daily charts
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Market context: most altcoins in red, CoinStats data shows early-week declines
Bitcoin price update: BTC trades near $114,700, testing $113k support—read COINOTAG’s technical outlook and weekly levels to act fast.
What is the current Bitcoin price trend?
Bitcoin price is in short-term decline, down roughly 2.4% over the last 24 hours and trading near $114,734. Sellers have produced a false breakout of local hourly support and the most likely near-term scenario is consolidation in the $113,000–$118,000 range unless buyers regain momentum.
How low could BTC fall this week?
If the daily candle closes at or below current levels, the probability of a test of the $113,000–$114,000 area rises significantly. Watch hourly support at $114,685 and midterm channel support at $107,389 for deeper downside risk. CoinStats and TradingView technical snapshots indicate increased selling pressure on intraday charts.
Most of the coins are in the red zone on the first day of the week, according to CoinStats.
Top coins by CoinStats
Why did BTC make a false breakout?
The hourly chart shows a quick breach of local support at $114,685 followed by rejection — a classic false breakout. False breakouts often occur on thin volume or during liquidity grabs, and they can precede either rapid reversals or renewed selling. Traders should confirm with volume and higher-timeframe trend alignment.
Image by TradingView
On the longer time frame, sellers are trying to seize the initiative.
If the daily candle closes around the current price or below, there is a high chance to see a test of the $113,000-$114,000 area by the end of the week.
Image by TradingView
| Metric | Level / Status |
|---|---|
| Current price | $114,734 |
| Immediate support | $114,685 (hourly), $113,000 (near-term) |
| Key resistance | $123,236 |
| Midterm channel | $107,389 – $123,236 |
From the midterm point of view, neither buyers nor sellers are controlling the situation on the market as the price is in the middle of the channel, between the support of $107,389 and the resistance of $123,236. Consolidation around $113,000–$118,000 is the most likely scenario until the end of the month.
Image by TradingView
Frequently Asked Questions
What should traders watch to confirm a BTC reversal?
Watch for a daily close above $118,000 with rising volume and sustained buying above $120,000 to confirm a bullish reversal. Conversely, a close below $113,000 on high volume would confirm further downside pressure toward lower channel support.
How can traders manage risk during consolidation?
Use tight position sizing, set stop-losses near hourly support, and prefer range-bound strategies until a clear breakout occurs. Monitor official exchange order book liquidity and major-level reactions for entries and exits.
Key Takeaways
- Short-term bias: Sellers testing control — consolidation likely between $113k and $118k.
- Critical trigger: Daily close below current price increases odds of a $113k test.
- Action: Confirm moves with volume and higher-timeframe alignment before initiating directional trades.
Conclusion
Bitcoin price is under short-term pressure but remains inside a broader midterm channel. Traders should prioritize risk management, watch $113,000–$114,685 support levels, and await decisive daily closes for clearer direction. COINOTAG will continue monitoring technical levels and market data for updates.
