Bitcoin’s price is again testing the $119.5K–$120K bearish order block, a key level that has repeatedly rejected previous upward moves.
A confirmed breakout and close above $120K could trigger a bullish push toward new all-time highs of $130K and possibly $140K.
The $104.5K–$106K bullish order block remains the major demand zone if the market experiences a deeper retracement in the near term.
Bitcoin is on the edge of a key price level, arguably dictating its short- to mid-term direction, and traders are keenly watching levels.
Price Testing Major Bearish Order Block
According to a tweet by Crypto Patel, Bitcoin is again testing the $119.5K–$120K bearish order block on the 4-hour chart. This zone has previously rejected the price, maintaining a structure of lower highs and lower lows. A renewed rejection from this level would keep the prevailing bearish formation intact.
https://twitter.com/CryptoPatel/status/1954573760092344704
The potential downside levels in such a scenario include $114K, followed by $112K, and finally $108K. These targets reflect areas where traders may expect stronger buying interest if selling pressure continues. The repeated tests of this bearish order block indicate that it remains a strong resistance zone.
Breakout Could Open Path to New Highs
Crypto Patel noted that a confirmed breakout and close above the $120K level could change the market’s short-term structure. If this occurs, Bitcoin could move toward a new all-time high, targeting $130K and possibly $140K.
The market would demonstrate a decisive change in direction through this development, which would replace the existing bearish structure with a bullish breakout. The $120K area functions as an important decision point for traders and investors to evaluate future market directions.
Key Demand Zone for Deeper Pullbacks
On the downside, the $104.5K–$106K bullish order block remains the major demand area. Crypto Patel identified this as the primary zone to watch if Bitcoin faces a deeper retracement.
A return to this zone could provide the foundation for a stronger recovery if buyers step in with sufficient volume. This area has been highlighted as a critical support that could prevent further declines below $104K.
Bitcoin’s current position near resistance suggests that the next few sessions could determine whether it breaks higher toward new highs or turns lower toward major support. The decision point lies firmly around the $120K level.
