Bitcoin price analysis (Bullish) — 114100.95 USDT (-1.65% 24h)

Bitcoin is currently trading at $114,100.95, showing modest 24-hour losses of 1.65% amid elevated volatility of 2.17%. The technical picture reveals significant oversold conditions with RSI plunging to 28.1, well below the traditional 30 oversold threshold. This extreme reading suggests potential for a near-term relief rally despite the current downward pressure. Price action finds itself sandwiched between the 20-day SMA at $114,529 and 50-day SMA at $114,243, indicating consolidation near key moving average support. Trading volume remains robust at $2.18 billion, suggesting institutional interest persists even during this corrective phase. For traders, current levels present potential accumulation opportunities with tight stop losses below $113,500. The oversold RSI combined with proximity to major moving averages creates a favorable risk-reward setup for tactical long positions targeting a retest of $116,000 resistance. However, the elevated volatility warrants position sizing discipline.