
On the daily bitcoin chart, the recent bearish engulfing pattern indicates a potential reversal following a parabolic rally. This high-volume bearish candle signals panic selling or institutional distribution, with a confirmed key support level at approximately $116,000. The critical resistance stands near $123,236, the recent wick top. If bitcoin breaks below the $115,000 mark on significant volume, downside targets could extend to $112,000 or even $109,000. Conversely, a bounce from the $115,000–116,000 zone could warrant long entries if volume subsides and stabilizes. 🐻📉