BTCUSD drops to two-week low, but bearish momentum shows signs of waning

BTCUSD dropped to a two-week low on Friday, falling over 3% during the Asian and early European sessions as bearish momentum intensified.

Deteriorating sentiment triggered a fresh wave of selling, driving the price below key support at the 115.7K area, which marked the base of the recent consolidation range and aligned with the 20-day moving average.

This breakdown has generated an initial bearish signal, though confirmation is needed via a daily close below this zone. A sustained move lower would expose the next key support at 116.7K (38.2% Fibonacci retracement of the 98,182–123,261 rally), with a break there signaling a deeper reversal.

Daily indicators are softening, with 14-day momentum turning negative, adding weight to the bearish outlook.

However, the sharp intraday rebound from the new low suggests a potential false break. A daily close back above the range floor would negate the initial bearish signal and keep BTCUSD confined within the current consolidation range, temporarily easing downside pressure.

Res: 117340; 118270; 120000; 121030
Sup: 116150; 114710; 113680; 112000