Bitcoin Price Slips Below $118K After Losing $120K Momentum

Bitcoin has fallen sharply below the $120,000 mark, shaking confidence in the crypto market. The world’s biggest cryptocurrency touched a record high of $124,000 last week but quickly lost momentum. As of now, BTC is struggling near $115,500 after breaking key support zones.

Bitcoin Faces Bearish Signals

Charts show Bitcoin trading below $118,000 and under the 100-hourly Simple Moving Average. This suggests bulls are losing control. Analysts also point to a break beneath a key declining channel around $116,200, which adds more pressure on the price.

Critical Levels to Watch

• Immediate resistance: $118,000 – $118,500

• Short-term rebound target: $119,200

• Major test: $120,000 psychological level

• Next bullish goal: $121,500 (50% Fibonacci retracement)

If Bitcoin can reclaim the $118K–$120K zone, momentum may return. A move higher could push the price toward $121,500.

Risks of More Downside

If BTC fails to rise above $118K, another drop is possible. The first safety net lies at $115,500, followed by $115,000. Falling below these levels may open the door to $113,500, $112,500, or even $110,000 in a worst-case scenario.

Technical indicators support this bearish outlook. The MACD is deep in the red, while the RSI has slipped below 50. This shows weaker buying strength and rising selling pressure.

Market Outlook

Bitcoin’s price is moving close to critical support. The next few sessions will decide whether bulls regain control or a deeper correction takes place. Traders should be prepared for strong volatility as the market tests these crucial levels.