- Rising wedge breakdown and PO3 pattern confirm weakening BTC momentum.
- $2.82M liquidations show traders caught off guard by downturn.
- U.S. tariffs could dampen crypto investment and market sentiment.
Bitcoin (BTC) is showing signs of weakness as bearish technical patterns emerge. Captain Faibik has flagged two bearish signals on Bitcoin’s daily chart: a rising wedge breakdown and a Power of Three (PO3) formation.
According to his analysis, BTC/USDT is now trading below a critical trendline near the $115,000 mark. The price has clearly broken down from the wedge, indicating waning bullish momentum.
If this structure holds, Bitcoin could correct further to a projected target zone around $105,000–$106,000. This would represent a 9.64% drop from current levels. The daily chart pattern, according to Faibik, leans toward a bearish continuation unless BTC reclaims the lost trendline.
Liquidation Spikes and Trade Tensions Weigh on Bitcoin
In the past hour, Bitcoin has seen liquidations totaling $2.82 million, as reported by Coinglass liquidation heatmap. This places BTC as the second most liquidated digital asset, just behind Ethereum (ETH), which registered $7.81 million in liquidations.
Most of these liquidations were on long positions, indicating traders were betting on a price rebound that never materialized. The liquidation spike coincides with Bitcoin’s decline below key support levels, adding to the selling pressure.
Meanwhile, President Trump has signed an Executive Order increasing tariffs to reduce trade deficits and support U.S. manufacturing. Countries listed in Annex I face elevated rates, while others face a 10% tariff.Â
New trade agreements with Japan, the European Union, and others are expected to bring substantial investments.
The policy, aimed at protecting national security and boosting domestic jobs, may affect global investor sentiment and risk appetite, potentially impacting capital inflows into crypto markets.
Current Price Action and Key Levels
At press time, Bitcoin is trading at $114,847.21, marking a daily decline of 3.34%. The price has dropped from an intraday high near $118,670, reflecting strong bearish momentum.
Immediate support is found near $114,000, where previous buying interest was observed. If Bitcoin fails to hold this level, further declines may accelerate toward the $105,000 range.
On the upside, resistance lies near $118,500. Reclaiming this level may neutralize bearish sentiment and open the door for a potential recovery.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
