Bitcoin (\$BTC) is trading at \$118,110, pulling back sharply from its recent high of \$124,234.

The price is nearing a key support zone around \$118,000 — a level that has historically triggered strong rebounds. If this area holds, we could see a move back toward resistance at \$120,000–\$122,000.

However, a breakdown below \$118,000 could open the door for a deeper drop toward the \$115,000–\$117,000 range.

Traders should keep a close eye on this support. A clean bounce would reinforce the bullish outlook, while a decisive break lower may signal a shift in sentiment.