Bitcoin on the Verge of a Reversal

⚪After a surge to $122,000, Bitcoin has entered a consolidation phase around $117,300. Technical indicators on lower timeframes suggest waning momentum: the MACD shows a bearish crossover, and the RSI has retreated to a neutral level. The price is testing the 20 EMA from below, and failure to reclaim the $118,200 level could lead to a decline toward $115,000 and possibly $112,500.

⚪Meanwhile, derivatives and options volumes are decreasing, reflecting cooling sentiment. While the rising wedge structure remains intact, traders should closely monitor the $116,800–$117,500 zone, which could determine the next major move.