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Bitcoin price has slipped below the crucial $120,000 mark, sending jitters across the crypto market. After touching an all-time high near $124,000, BTC quickly reversed gains and is now flashing bearish signals that drags it way below $118K: on the $115,000 support zone.
The flagship cryptocurrency is trading below $118,000 and its 100-hourly Simple Moving Average, a sign that bulls are losing control. Market charts also show a break beneath a key declining channel at $116,200, further strengthening the case for downward pressure.
Immediate Levels to Watch for Bitcoin Price
At the moment, Bitcoin price is consolidating losses near $115,500 (PKR 32,696,320). A successful breakout above this zone could trigger a rebound toward $119,200 and eventually retest the $120,000 psychological ceiling.
Should BTC manage to break higher, analysts suggest the next target could stretch to $121,500, which aligns with the 50% Fibonacci retracement level of the recent decline.
Reclaiming: $118K: More Pain Ahead if Support Cracks
If Bitcoin fails to reclaim the $118K resistance, another drop could unfold. The immediate safety net lies at $115,500, followed by a major cushion at $115,000. Breaking below these levels could open the floodgates toward $113,500 and even $112,500. In a worst-case scenario, Bitcoin might retest the $110,000 support zone, sparking fears of a deeper correction. Keep a tab on BTC prices from our converter here.
Technical indicators back this bearish outlook. The MACD is accelerating in the red zone, while the RSI has dipped below 50, signaling weakening momentum among buyers.
With Bitcoin price hovering dangerously close to key support levels, the coming sessions will be critical. A decisive move above $118,500 could restore bullish confidence, but failure may lead to a fast track toward $115,000 and beyond. Traders are bracing for heightened volatility as BTC navigates this make-or-break moment.
