Bitcoin price analysis (Bearish) — 111532.89 USDT (-0.96% 24h)

Bitcoin is showing concerning technical signals as it trades at $111,532 with a 0.96% decline over the past 24 hours. The extremely oversold RSI reading of 11.74 suggests potential for a short-term bounce, but also indicates severe selling pressure. Price currently sits below both the 20-day SMA ($112,936) and 50-day SMA ($112,690), confirming the bearish near-term structure. Volume remains substantial at $1.42B, suggesting active participation in this downturn. The volatility reading of 1.12% indicates relatively stable price action despite the downward move. Traders should watch for potential support around $110,000-$111,000 levels. Consider waiting for RSI to recover above 30 before entering long positions. Short-term traders might look for scalping opportunities on any oversold bounces, while longer-term investors could consider dollar-cost averaging into weakness. Risk management remains crucial given the technical breakdown below key moving averages.