$BTC Testing Support After Sharp Intraday Drop
Bitcoin (BTC) is trading at $118,384.77 (-2.90%), pulling back sharply from the day’s high of $124,474. The price is currently hovering just above the $118,300 support zone, following a strong sell-off from the $120,000–$122,000 resistance area. The order book leans bearish with 56.17% sell-side activity, indicating cautious sentiment.
Key Levels to Watch
• Resistance: $120,000 — $122,000 — Breaking above could open room toward $124,500.
• Support: $118,300 — A decisive break may send BTC toward $117,600 and $115,000.
Trade Setup
Bullish Scenario:
• Condition: Break and hold above $120,000 with strong momentum.
• Targets:
• TP1: $122,000
• TP2: $124,500
Bearish Scenario:
• Condition: Break below $118,300 support.
• Targets:
• TP1: $117,600
• TP2: $115,000
BTC is showing signs of stabilizing after a steep intraday drop, but buyers need to reclaim $120K quickly to avoid prolonged weakness. Watch for volume spikes around support and resistance for direction cues.