Bitcoin ($BTC ) is currently trading at $118,110, experiencing a significant pullback from its recent peak of $124,234.

The price is now approaching a critical support zone around $118,000. This level has previously served as a strong bounce point, indicating potential for a rebound if it holds. A successful bounce could drive the price back toward resistance levels between $120,000 and $122,000. Conversely, if this support fails, Bitcoin may experience a deeper retracement toward the $115,000 to $117,000 range.

Traders should closely monitor the $118,000 support level to gauge Bitcoin's next move. A decisive break below this zone could signal a shift in market sentiment, while a bounce could reaffirm the ongoing bullish trend.