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Key Insights:
- Bitcoin (BTC) turns bearish on the shorter time frame after failing to hold the local support at $117,550, with eyes now on the $114,750 level.
- Galaxy Digital has just moved 3,782 BTC worth $450 million to exchanges, with on-chain data suggesting the transfer is for selling purposes.
- Amid the sideways market, a crypto expert has made a bold prediction that the next Bitcoin (BTC) top could reach $149,679.
Amid the market correction, Bitcoin (BTC), the world’s largest cryptocurrency by market cap, has lost its hold on the local support level of $117,550. Following this breakdown, the asset has now opened the path for a significant price dip until it reaches the next support level.
Bitcoin Price Momentum and Surge in Trading Volume
At press time, Bitcoin price was trading near $117,450 and slipped a modest 0.75% over the past 24 hours. Despite the drop in price, trader and investor participation increased. Data from CoinMarketCap revealed that BTC’s trading volume has soared by 10% compared to the previous day.
This surge in trading volume during a price dip appears to be a bearish signal. That’s because it indicates strong downward momentum in the asset.
A crypto expert recently shared a post on X, making a bold prediction.
In the post, the expert noted that the next Bitcoin top could reach the $149,679 level. This post gained widespread attention from the crypto community due to the current market sentiment.
Bitcoin (BTC) Price Action and Technical Analysis
The drop in the asset might be modest, but it appears sufficient to trigger significant downward momentum. According to expert technical analysis, Bitcoin is in an overall uptrend. However, on shorter timeframes, it appears bearish and poised for a price decline.
TradingView’s four-hour chart reveals that $117,550 has consistently acted as a key support level for Bitcoin since July 26, 2026. Not only that, the chart also shows that the asset has retested this level more than five times, and each time it recorded a price recovery.
However, it has now failed to hold, raising concerns among Bitcoin holders.
That said, this breakdown can only be considered confirmed if the four-hour candle closes below the $117,200 level. If that occurs, Bitcoin could fall quickly, with prices potentially reaching the $114,750 level.
On the other hand, a bullish reversal could only be expected if a four-hour candle closes above the $120,500 level. Otherwise, the crypto asset is likely to continue trading sideways or trend downward.
Besides this price action, the Supertrend technical indicator is flashing a bearish signal, suggesting that the price could fall in the coming days. Meanwhile, a key traditional indicator shows that the next major support levels for Bitcoin, at press time, are $116,000 and $112,596.
Bearish Trade and BTC Dump Hints Price Drop Ahead
This bearish outlook has been further strengthened by a recent dump from Galaxy Digital. According to a recent report, the firm has moved a significant 3,783 BTC, worth approximately $450 million, to exchanges.
On-chain data suggests that this transfer was made for selling purposes, which the market has already begun to reflect.
According to the on-chain analytics firm CoinGlass, the major liquidation levels at press time are $116,494 on the lower side and $120,154 on the upper side. The reflection of the current market sentiment.
These levels acted as key support and resistance for Bitcoin price. At these levels, traders have established $778 million worth of long positions and $1.44 billion worth of short positions, indicating that bears currently dominate the market.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
