Bitcoin cooled off after a string of new ATHs. It dropped 4% as open interest spiked and large traders began squeezing overleveraged longs. Liquidity is rebuilding, but support below looks thin until ~$117K, where ~190K BTC last changed hands. A deeper base forms near $114K, aligning with the 50-day SMA, a level often tested before new legs higher. In markets this efficient, each correction filters noise from conviction. Will $114K be the floor that resets the next wave?