• Bitcoin slips after peaking above $124,000, entering a corrective phase.
• Rising wedge breakdown points to further downside risk.
• Support zones seen around $110K–$112K and $105K–$108K.
• Over 115,000 traders liquidated in 24 hours, with $455M in losses.

Bitcoin (BTC) has begun a steep correction phase after recently reaching a record high above $124,000. The globe’s leading cryptocurrency now sees a significant downtrend, and the technical formations point toward more weakness on the shorter term.

BTC Struggles After Record Highs

The rally up to $124K has been driven by bullish buying demand and optimism over further macroeconomic progress. Now, though, BTC’s pace has slowed down, and investors are preparing themselves for a pullback.

Coming on the heels of the global attention, US President Donald Trump will confer with Ukrainian President Volodymyr Zelensky and European leaders in Washington, D.C., today on the raging Russia-Ukraine conflict. Market observers comment that even the slightest hint at a peace treaty will spark volatile developments throughout financial markets, including cryptocurrencies.

Also Read: Bitcoin Eyes Upside as Michael Saylor Signals Potential New Buy

Rising Wedge Breakdown Confirmed

On the technical side, market watchers warn that BTC may not be out of danger yet. Captain Faibik, a well-followed trader, pointed out that Bitcoin has broken down from a rising wedge formation on the daily chart, a bearish signal that often leads to sharper corrections.

If the slide persists, the initial support resides between $110,000 and $112,000, and then there is demand around $105,000 to $108,000. In the worst-case flush, the price returns to the major psychological level at $100,000.

Liquidations Accelerate Across Exchanges

The derivatives market is also under strain. Experts point out that if Bitcoin retests the level of $124,000, over $6 billion in short positions would be erased in an enormous short squeeze.

In the last 24 hours alone, over 115,000 traders were liquidated, with total losses of $455 million. The single largest hit came from a $4 million BTCUSDT position on Binance, showing just how quickly leverage can backfire in volatile conditions.

What Comes Next for Bitcoin?

Bitcoin still finds itself at a turning point, for the moment. The support zone of $110K–$112K will be instrumental in deciding if the ongoing pullback is just healthy correction or morphs into a more intense bearish phase.

In the meantime, any geopolitical resolution, more significantly discussion of a Russia-Ukraine peace framework, can serve as a wildcard stimulant to international markets, including cryptocurrencies.

With volatility on the rise and traders evenly divided between bullish continuation and bearish correction, Bitcoin’s next decisive movement may arrive sooner rather than later.

Also Read: Metaplanet Secures $93 Million in Bitcoin, Pushing Holdings to 18,888 BTC