BITCOIN - Price can go into correction after reaching new ATH

Hi guys, this is my overview for BTCUSD, feel free to check it and write your feedback in comments👊

Bitcoin spent weeks confined to a tight falling channel, carving out a series of lower highs and lower lows as sellers maintained full control of the market.

The breakout above $110300 ignited a powerful rally, propelling BTC into an ascending wedge formation and driving price sharply higher toward a fresh all-time high at $118800.

Once the ATH was reached, selling pressure reasserted itself, halting further upside and triggering a loss of bullish momentum.

This lightning-fast climb to $118800 appears to have drained buyer enthusiasm.

Key support now resides around $110300 - $111700, backed by the wedge base.

Given the exhaustion of buyers and the clear wedge resistance, I anticipate BTC to retrace toward the $112000 area following its recent surge.

If this post is useful to you, you can support me with like/boost and advice in comments❤️

Disclaimer: As part of ThinkMarkets’ Influencer Program, I am sponsored to share and publish their charts in my analysis.