Bitcoin Faces Possible Correction to $112K
A rising wedge on Bitcoin’s daily chart hints at a possible dip to $112K before the next leg up.
- Rising wedge pattern signals potential correction
- $112K could act as a strong support level
- Long-term Bitcoin trend remains bullish
Rising Wedge Forms: Is Bitcoin Headed for a Pullback?
Bitcoin’s impressive run may be facing a short-term challenge. A rising wedge pattern has formed on the daily chart—typically a bearish setup that often precedes a correction. While the long-term outlook remains strong, traders are now watching closely for signs of a pullback.
The current structure suggests Bitcoin could drop toward the $112,000 level, where key support lies. This wouldn’t be unusual in an overall bull market; corrections are part of healthy price movement, especially after sharp rallies.
Why $112K Is a Key Level to Watch
Technical analysts point to $112K as a possible landing zone if the rising wedge plays out. This area coincides with previous resistance turned support and could serve as a strong bounce point.
Volume trends show that despite the formation of a bearish wedge, dip buyers are still active. The market sentiment remains optimistic, with most analysts seeing any pullback as a buying opportunity rather than a trend reversal.
The Bull Market Isn’t Over Yet
Even with the threat of a short-term correction, Bitcoin’s long-term trajectory remains bullish. Institutional interest, ETF inflows, and strong fundamentals are still supporting the price.
In previous cycles, similar wedge patterns have led to quick corrections followed by aggressive rebounds. If Bitcoin dips to $112K, it could set the stage for a renewed push toward new all-time highs later this year.
As always, traders should manage risk and monitor price action carefully. Corrections can be sharp—but in a bull market, they often provide the best entries.
Read Also:
- Bitmine Immersion (BMNR) Announces ETH Holdings Reach 4.066 Million Tokens, and Total Crypto and Total Cash Holdings of $13.2 Billion
- Ghana Legalizes Crypto With New VASP Bill
- Crypto Funds See $952M Exit in Weekly Outflows
- Bitcoin Network Activity Slows, Signaling Accumulation
- US Lawmakers Push IRS to Fix Crypto Staking Tax Rules
