$BTC /USDT – Sharp Drop Nearing Key Support

Bitcoin has taken a heavy hit, sliding from the $124,474 peak down to $117,719, marking a drop of over 5% from recent highs. The price is now just above the crucial $116,000 support level. This area has acted as a strong bounce zone in the past and could attract buyers looking for a rebound.

If $116,000 holds, we might see a recovery push toward $120,000–$121,700. However, if bears break through this level, the next major support sits around $111,000, where a stronger defense is expected. This makes $116,000 the key line to watch in the short term.

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