Bitcoin (BTC) has experienced a significant price downturn, breaking through the $120,000 level and signaling a potential bearish trend reversal. This follows months of strong bullish momentum which is now weakening, as technical indicators suggest the beginning of a wider downtrend. 50-day EMA, historically a support zone for Bitcoin, has recently broken below its previous level and is currently pointing towards a downward movement. 100-day EMA, often acting as a bounce point during consolidation periods, faces uncertain prospects. If this key indicator is breached, it could open the door for a deeper retracement. While the 200-day EMA stands at around $103,000 and serves as another potential support level, a clear break below it would signal a more significant market dip. The RSI indicator, reflecting the current momentum of buying and selling activity, is declining below 50, indicating an increased likelihood of continued downtrend.