Bitcoin is facing downward pressure after dropping more than 7% from record highs of over $124,000, with technical indicators suggesting a bearish shift. The decline follows repeated attempts to sustain prices above key resistance points, particularly the Fibonacci golden ratio of $122,056 and a long-term bullish trendline linking previous market highs. The weekly stochastic oscillator shows a shift from the overbought zone, pointing to a potential correction. On the daily chart, BTC broke below a bullish trendline established since April. Coupled with a bearish outside-day candle, these signals raise the likelihood of further downside, targeting a retest of the $111,982 level. A breach of this point could push prices toward the 200-day simple moving average around $100,000. A rebound above $118,600 would challenge the bearish outlook.

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