BTC Price Eyes $118K Support: Will Buyers Defend the Key Level?

Bitcoin Price Tests $118K Support as Bulls Await Rebound Signal

Bitcoin price declined toward $121,000 on Friday, following a record-breaking high earlier this week. The market shows a consolidation phase, with traders cautiously observing potential support around $118,000. Broader crypto trends remain mostly sideways, indicating uncertainty as investors weigh short-term corrections against long-term bullish momentum.

Bitcoin Price May Revisit $118K–$120K Support, Says Crypto Analyst

Crypto analyst predicts that soon the price of BTC will reach the level of support of $118,000 to $120,000. Analyst observed that solid buy orders are observable within this area on binance, and BTC may drop to this point and then rise.

Market evidence indicates that this zone has been used as a vital accumulation zone in the past. According to the analyst, when buyers start operating at this support, then they may be bullishly reversed. This trend corresponds to other past pullbacks of Bitcoin when declines to support levels led to a new wave of demand.

Ali depicted a negative vision, saying that BTC might be rejected in the range of $124,000, causing a sharp fall. In his analysis, he proposed possible downside targets to be at $96,000 and at $70,000, which he termed as the worst-case scenario. His chart, which he posted on X, indicated that there might be a corrective wave of retracements of prices before anything meaningful was recovered.

In comparison, trader Merlijn The Trader focused on discipline, rather than panic, detailing what he termed the simple rules of BTC. In his view, investors would accumulate and retain when the prices were above the WMA14 line and sell or survive when they were below the WMA14 line. 

He also pointed out the 100 EMA as being a foremost level and said it is where legends are found. His long-term graph showed that deference to these moving averages has historically matched up with profitable buying and selling chances.

BlackRock Bitcoin Transfers Spark Market Unrest

BlackRock has attracted significant publicity following the discovery of several large Bitcoin transfers via wallets associated with its iShares Bitcoin Trust (IBIT). About 300 BTC was used in each transaction, approximately worth 36 million, and they took place in hours.

The trend immediately raised eyebrows in the crypto community, with a lot of people thinking that the asset manager was selling a part of its Bitcoin holdings. These movements usually raise panic among the traders, particularly when the market volatility is already high.

BTC Price Holds Key $120K Support Amid Consolidation

BTC price hovered at $121,712, showing a mild rebound of 0.62% after recent declines. The cryptocurrency was maintaining the important zone of $120,000 support, which has served as one of the major ones throughout the last week.

The MACD is below the signal line, showing that it has a slow bearish momentum. Nevertheless, the histogram indicates flattening, which gives indicators of the possibility that the selling pressure is reducing.

Source: BTC/USD 4-hour chart: Tradingview

In the meantime, the RSI (Relative Strength Index) was approximately 49, which is a neutral state in which neither buyers nor sellers enjoys an apparent advantage.

It is trading between $120,000 and $123000 in a tightening stance, awaiting a breakout. An upside break could lead to a new bullish wave, and a breakdown could lead to further correction.