Bitcoin has found support around $111,200 and has been bouncing above this area. However, we see strong bearish pressure. Therefore, the instrument is likely to remain under bearish pressure in the coming days. In this case, BTC could reach the bottom of the trend channel around $110,300 and could even reach the 3/8 Murray level at 109,375.

Conversely, if the Bitcoin price consolidates above the 4/8 Murray level around $112,500, we could expect Bitcoin to reach the top of the downtrend channel around $113,494. The chart shows strong resistance around $114,159, where the 200 EMA is located.

If the Bitcoin price consolidates above $114,000, there is still strong resistance around the 38-period moving average, around $115,000, below the 5/8 Murray, around $116,000, and $115,625.

As long as the Bitcoin price consolidates below $115,625, any technical rebound will be seen as an opportunity to continue selling.