CoinDesk analyst and Chartered Market Technician Omkar Godbole noted that Bitcoin has retraced to roughly $112,000, approaching the level seen prior to Federal Reserve Chair Powell’s recent dovish remarks; last week’s peak reached $117,440, reflecting short-term volatility in the Bitcoin price.
On the daily chart, BTC registered a lower high near the uptrend line extended from the April low, signaling a confirmed break of the prior trendline. Technical indicators show the Guppy Multiple Moving Average short-term band converging toward a cross below the long-term band, underscoring growing bearish momentum rather than a structural reversal.
Immediate support sits at $110,756, with a deeper floor near the 200-day moving average around $100,000. A sustained return above last Friday’s high of $117,440 would be required to re-establish a constructive outlook for BTC.