BTCUSD – bears back in control though key support remains resilient

BTC/USD extended losses for a third consecutive session on Monday, retesting key supports at 11370 (100DMA / 50% retracement of 98182–124558) and 11072 (daily Ichimoku cloud base), after erasing Friday’s post-Powell rally and sliding to its lowest level since July 9.

Bitcoin surged over 4% on Friday—its biggest daily gain since Mar 2—after Fed Chair Powell’s unexpectedly dovish remarks. However, the rally proved short-lived, capped by the falling daily Tenkan-sen and resistance from the broken bull trendline, ultimately offering better selling opportunities.

The sharp weekend sell-off deflated momentum and signaled a potential continuation of the broader pullback from record highs. Daily indicators remain bearish, with Tenkan/Kijun-sen diverging into a bear-cross and negative momentum strengthening, pointing to further downside risk.

A firm break below 11370/11072 would confirm the bearish outlook, with a violation of the psychological 110K level likely to accelerate losses toward 10825 (61.8% Fibo) and the early July higher base near 105K.

That said, Sunday’s long lower shadow highlights strong demand at these supports, suggesting bears may struggle to gain traction immediately. Consolidation above this zone remains possible, though rebounds are expected to stay capped beneath 11450 (Tenkan-sen), keeping near-term bias tilted to the downside.

Res: 111870; 113680; 114500; 115620
Sup: 110722; 110388; 110000; 108258