The one-day BTC/USD readings show that the leading cryptocurrency has mainly trended within a range since it reached an all-time high of $122,054 on July 14. It now faces resistance at $120,811, with a support floor formed at $116,952.
With demand waning, Bitcoin runs the risk of testing this support level. The price of BTC could fall to $114,354 if it fails to hold.
However, if new demand enters the market, the cryptocurrency could break through the $120,811 barrier and attempt to reclaim its all-time high.