Bitcoin Price Update: Key Levels to Watch

Bitcoin recently hit a record high near $124,000, but the rally has since cooled, with prices now consolidating below the $118,000 mark. The market is showing signs of a short-term correction after weeks of bullish momentum.

Traders are closely monitoring resistance and support zones, as technical indicators suggest the possibility of further downside pressure unless Bitcoin can reclaim key price levels.

Current Bitcoin Price Trend

Bitcoin has slipped below the $120,000 support and is now trading under the 100-hourly simple moving average. This signals a weakening trend after a strong rally earlier this month.

The immediate task for bulls is to push BTC back above $118,000, which would signal renewed strength. Without this recovery, the price risks testing lower supports in the near term.

Bitcoin Resistance Levels to Watch

• $116,850 – first key resistance.
• $118,000 – crucial short-term recovery zone.
• $118,500 – major resistance; a close above this could open the door for a rebound toward $119,200 and $120,000.

If Bitcoin breaks these resistance levels, the bullish trend could resume, retesting recent highs.

Read more: Will the $37 Trillion U.S. Debt Trigger Bitcoin’s Next Historic Surge?

Bitcoin Support Levels at Risk

• $115,800 – immediate support.
• $115,000 – next critical support.
• $113,500 – deeper zone that may attract buyers.
• $112,500 – extended bearish target.
• $110,000 – main support; a breakdown here could trigger stronger selling pressure.

These levels will determine whether Bitcoin stabilizes or extends losses in the coming sessions.

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Technical Indicators Show Bearish Momentum

• MACD: Building bearish momentum on the hourly chart.
• RSI: Below 50, suggesting sellers have the upper hand.

Unless Bitcoin regains strength above $118,500, these indicators favor a short-term bearish outlook.

Conclusion

Bitcoin’s price action is at a critical juncture. A push above $118,500 could revive bullish sentiment and reopen the path to $120,000. However, failure to hold above $115,800–$115,000 could deepen the correction toward $110,000.

Traders should watch these levels closely, as volatility remains high following Bitcoin’s historic rally.

Read more: Block Unveils Proto Rig & Proto Fleet: A Modular, Sustainable Leap in Bitcoin Mining

FAQ

Why is Bitcoin dropping below $118,000?

Bitcoin is undergoing a correction after reaching $124,000, with increased selling pressure and weakening momentum below key moving averages.

What is the main resistance for Bitcoin right now?

The primary resistance zone sits at $118,500. A close above it could trigger a recovery toward $120,000.

What is the strongest Bitcoin support level?

The most important support is $110,000. A breakdown below this could accelerate losses.

Is Bitcoin still bullish long-term despite the correction?

Yes. While short-term sentiment is bearish, Bitcoin remains in a broader uptrend after setting new all-time highs.

What indicators suggest more downside for Bitcoin?

The MACD shows growing bearish momentum, and the RSI remains below 50, pointing toward continued selling pressure.