Bitcoin bulls are grappling with a critical test as the cryptocurrency hovers near its key support level of $111K. Analysts and traders alike anticipate a potential shift in momentum if this vital threshold is breached. Recent technical analysis highlights a descending trendline that suggests a possible correction, with market sentiment divided and volatility anticipated in the near term. 684 views on X reflect growing curiosity about Bitcoin’s trajectory within the Web3 community. A sustained defense of $111K might signal a continued bullish momentum for Bitcoin, while breaking below this level could trigger a broader sell-off. This analysis aligns with the inherently volatile nature of Bitcoin, which significantly impacts other cryptocurrencies and the wider market. This support level holds particular significance in the Web3 narrative as it represents a pivotal point for financial sovereignty within the decentralized finance ecosystem. Experts emphasize that the outcome of this test will impact not only Bitcoin’s price but also the future direction of the entire cryptocurrency market.