Trouble for Bitcoin as this pattern hints at upcoming BTC big correction

As Bitcoin ( BTC ) strives to hold the $110,000 support zone, technical indicators are painting a grim picture, with the asset facing renewed selling pressure after failing to break through a key resistance ￰0￱ outlook shared by pseudonymous cryptocurrency analyst BitBull in an X post on September 4 indicated that Bitcoin was rejected from the $114,000 resistance zone on the daily chart, a level that has now turned into a strong supply ￰1￱ price analysis chart.) reading at 47.05, without clear overbought or oversold ￰2￱ a trend perspective, the asset’s 50-day simple moving average ( SMA ) sits at $115,862, notably above the current price, while the 200-day SMA is at $101,390.

This setup indicates that Bitcoin remains in a longer-term uptrend, supported by the 200-day average, but short-term weakness below the 50-day SMA reflects ongoing ￰3￱ bulls to regain control, reclaiming the 50-day SMA will be crucial, while a failure to hold above the 200-day SMA could expose Bitcoin to deeper downside ￰4￱ image via Shutterstock.