- The rejection of Bitcoin multiple times at $124K lubricates more toward reclaiming the critical support at $112K.
- A slide beneath $112K may again bring Bitcoin into the danger of further losses, with threats stretching beyond $101K, or even below that $100K mark.
- Trading higher than 112K gives an optimistic outlook towards a bounce to 118K and a possible reattack at the 124K resistance.
Bitcoin is facing increased selling pressure after forming a double top pattern near $124K. The rejection from this level shifted momentum downward. Bitcoin is now trading around $113K, signaling a potential loss of short-term strength.
The repeated rejection near $124K has reinforced its importance as a strong resistance zone. Each attempt to break higher has failed consistently. This has put pressure on lower supports and created conditions for a possible correction.
Bitcoin continues to trade within a defined range, with momentum leaning toward the downside. The $124K rejection has marked the upper boundary. Price action now looks to test lower demand zones.
Key Support Levels: $112K Zone Holds the Line Between Stability and Further Correction
Bitcoin is holding above a critical support between $111.5K and $112.5K, marked as a bullish order block. This zone remains pivotal. A breakdown here could open the door for a deeper move toward $101.4K.
The market structure suggests that holding this level is essential to sustain the broader bullish outlook. Failure increases downside risk. Bitcoin could revisit sub-$100K levels if momentum continues to weaken.
Support has been tested before but has not broken convincingly. This time, the weight of selling pressure may prove decisive. The market will confirm direction in the sessions ahead.
Market Outlook: $114K Pivot Decides Bitcoin’s Short-Term Recovery or Extended Correction
Bitcoin could recover toward $118K and retest $124K if $112K support holds firm. That scenario keeps the bullish case alive. However, failure at support signals potential continuation of the correction.
The daily chart highlights an ABCD harmonic pattern forming after months of steady gains. This suggests a corrective phase is underway. Bitcoin near $113K must prove resilience in the face of weakening momentum.
In summary, Bitcoin is showing early cracks in its uptrend. The $124K resistance and $112K support remain the levels to define its path.
