The Bitcoin price fell 0.59% over the last day, settling around $117,000 after reaching a new high of $124,000. Analysts point to strong resistance at current levels.
Bitcoin Struggles at Supply Zone
The BTC/USD price set a record high near $124,000 but was quickly pushed lower. Sellers began to enter the market near the supply zone, leading to a price decline. According to a market analyst, the rejection confirmed this zone as strong resistance. The short-term bias remains neutral to bearish unless the Bitcoin price can break and hold above this level.
Technical View on Bitcoin Price Levels
Some analysts expect a continued rally toward $130,000 or higher; however, the market shows signs of hesitation. The repeated inability to clear resistance could lead to a retest of lower levels. A close above $120,000 could shift sentiment in favor of the bulls. In contrast, a break below near-term support could trigger deeper selling pressure.
Resistance and Support Guide Next Move
The immediate focus remains on whether Bitcoin can reclaim and hold the $120,000 level. Without this move, resistance at the supply zone is likely to continue capping rallies. A sustained break above the zone could set up a test of higher targets. On the downside, the $114,700 long-term trendline is a critical checkpoint. If the BTC/USD price reaches this level, traders would closely monitor reactions for signs of stabilization or further breakdown.
At present, the market is consolidating, with no confirmed breakout in either direction. Analysts view the situation as a technical standoff between buyers defending key supports and sellers holding the line at established resistance zones.
