Bitcoin is currently trading at $110,360, down 1.15% over the last 24 hours. Analysts suggest Bitcoin is "hanging by a thread." A break below $112,000 could lead to further declines, with $108,695-$110,000 being the last line of defense. The broader backdrop indicates institutional demand remains intact. The 50-day SMA sits at $116,553, acting as overhead resistance, and there's a pivot at $112,000, a confluence of former trendline and support. If support holds, Bitcoin could bounce to $116,850. A decisive drop below $108,695 would validate bearish sentiment. RSI is 38, indicating Bitcoin is oversold, and MACD is negative, signaling downward pressure.The analysis is based on the cryptocurrency being in a descending channel, after failing to hold above $124,450.