From late September, Bitcoin has embarked on an impressive bullish rally to reach price levels around its all-time high of $124,457. However, it remains speculative as to whether the premier cryptocurrency will maintain this early October momentum to put in a new all-time-high price, or experience a major correction into deeper liquidity zones.
Bitcoin Key Levels To Watch: Rally’s Challenge Lies At $125k Resistance
In an X post on October 3, key opinion leader (KOL) Ted Pillows shared that Bitcoin is once again approaching critical price levels, backed by data showing trader activity. Pillows based this analysis on the Order Book Heatmap metric, which shows the amount or quantity of pending buy and sell orders at specific price levels on different exchanges. The indicator shows horizontal coloured bands at those price levels, with the colors representing clusters of orders resting around those zones.
According to the KOL, Bitcoin has a high amount of sell orders packed around the $125,000 price level. Usually, a zone such as this with clusters of sell orders could act as strong resistance for the price. Interestingly, Ted also cited the presence of a significant amount of buy orders to the downside of the price, specifically around $119,500 and $117,500. As is intuitively obvious, these orders could act as solid support if the flagship cryptocurrency were to experience a correction to this level.
Cautionary Market Outlook For Bitcoin
In a separate X post, Pillows also shares more insights concerning Bitcoin’s price action and what to watch out for in a potential downswing. Notably, the analyst expected Bitcoin to see an accumulation around the $120,000 price level before surging to around $124,000, a prediction that has since played out, leading to a minor retracement.
In analyzing the important immediate support levels, the crypto pundit highlighted the 20-day Exponential Moving Average (EMA20), which is currently near $118,447 as a vital threshold. According to Pillows, if Bitcoin holds above this level, the broader trend (which is currently bullish) will most likely be retained.
On the other hand, a break below the 30-day Moving Average (MA30), currently around $116,415, may be ominous for the cryptocurrency. The KOL explained that this situation could open the door to “a larger correction toward $112k-$113k,” as more liquidity will be sought after.
Therefore, the market remains in a state of anticipation to see if Bitcoin tests its higher resistance at $125,000 or slips back into lower zones to test its support zones. If Bitcoin were to break out of its current resistance zone, the market could see the continuation of its already impressive upward rally into previously uncharted territory.
At the time of writing, Bitcoin is valued at about $122,100, with a fair growth of about 1.6% in the past day.
]]>Bitcoin price started a strong increase and traded above $118,000. BTC is now consolidating gains and might correct some points in the short term.
- Bitcoin started a major increase above the $116,500 zone.
- The price is trading above $117,000 and the 100 hourly Simple moving average.
- There is a short-term bullish trend line forming with support at $117,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might continue to move up if it clears the $119,500 zone.
Bitcoin Price Starts Fresh Surge
Bitcoin price managed to stay above the $115,000 zone and started a fresh increase. BTC settled above the $115,500 resistance zone to start the current move.
The bulls were able to pump the price above the $117,000 and $118,000 levels. The bulls even cleared the $118,800 level. A high was formed at $119,453 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $112,806 swing low to the $119,453 high.
Bitcoin is now trading above $117,000 and the 100 hourly Simple moving average. Besides, there is a short-term bullish trend line forming with support at $117,000 on the hourly chart of the BTC/USD pair.
Immediate resistance on the upside is near the $119,000 level. The first key resistance is near the $119,250 level. The next resistance could be $119,500. A close above the $119,500 resistance might send the price further higher. In the stated case, the price could rise and test the $120,500 resistance. Any more gains might send the price toward the $122,500 level. The next barrier for the bulls could be $123,00.
Pullback In BTC?
If Bitcoin fails to rise above the $119,500 resistance zone, it could start a fresh decline. Immediate support is near the $117,000 level and the trend line. The first major support is near the $116,150 level.
The next support is now near the $115,500 zone. Any more losses might send the price toward the $114,000 support in the near term. The main support sits at $113,500, below which BTC might struggle to recover in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $117,000, followed by $116,150.
Major Resistance Levels – $119,500 and $120,500.
The price of Bitcoin has struggled to capitalize on its recent bullish momentum, oscillating in and around the $116,000 level so far this weekend. This choppy price action has raised doubts about the flagship cryptocurrency’s potential to resume its bull run and reach a new all-time high price.
A crypto expert on social media platform X has come forward with an interesting outlook for the Bitcoin price, stating that the market leader could be gearing up for its next explosive move. However, the on-chain analyst added that a certain condition must be met for BTC to resume its uptrend.
A Break Above $118,000 Could Precede Price Explosion: Analyst
In a September 13 post on X, Alphractal founder and CEO Joao Wedson revealed that the price of Bitcoin could be preparing for an extended rally over the next few weeks. The on-chain data expert shared that the premier cryptocurrency will need a convincing break above the $118,000 level to confirm the resumption of the bull run.
Wedson noted in his post that $117,000 is actually the price mark to watch out for, as it represents a zone of strong interest and indecision. Specifically, two on-chain indicators—the CVDD Channel and the Fibonacci-Adjusted Market Mean Price—have designated this price level as a point where the market is likely to slow down or form a local top.
According to analytics platform Alphractal, the CVDD Channel is a metric that estimates historical price floors and risk zones based on the coin destruction data and Fibonacci envelopes. Meanwhile, the Fibonacci-Adjusted Market Mean Price combines the market mean price with Fibonacci bands to identify structural expansion and value zones.
Wedson highlighted that both the CVDD Channel and the Fibonacci-Adjusted Market Mean Price have revealed “eerily accurate levels” of support and resistance throughout Bitcoin’s price history. Currently, these metrics are pointing to $117,000 as a level that could provide resistance to the upward movement of the Bitcoin price.
In the end, Wedson concluded that this zone could be critical to the market leader’s next move to the upside. However, the Alphractal founder advised Bitcoin investors to wait for a clear, sustained breakout above $118,000 to confirm that bullish momentum is back.
Bitcoin Price At A Glance
As of this writing, the price of BTC stands at around $115,905, reflecting no significant change in the past 24 hours.
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Key takeaways
- BTC dips below $118k as altcoins record huge losses.
- The leading cryptocurrency could drop below the $116k support level if bearish sentiment grows stronger.
Bitcoin stagnates around $117k as altcoins bleed
The cryptocurrency market has been bearish over the last 24 hours after enjoying a bullish trend over the last couple of days. Bitcoin, the leading cryptocurrency by market cap, is down by less than 1% in the last 24 hours and now trades around $117k.
However, altcoins recorded heavy losses as they undergo a correction. XRP is down 11% and risks dropping below $3.0 while Ether could drop below $3,500 after losing 3% of its value.
Solana, BNB, TRX, ADA, and Dogecoin are all trading in the red. The bearish performance saw the total crypto market cap decline by 2.6% to now stand at $3.85 trillion. This comes a few days after the total crypto market cap hit a record high of $4 trillion.
BTC risks dropping below $116k if selling pressure increases
The BTC/USD 4-hour chart is bullish and efficient, suggesting that the bulls are still in control despite signs of weakness. The technical indicators remain bullish but have slowed down over the past few days.
The pair is currently consolidating and could either expand to the upside to a new all-time high or face a correction downward. BTC could likely retest the $116k support and TLQ level over the next few hours. The TLQ level could serve as a liquidity to push BTC’s price higher. However, failure to defend this level could see BTC drop lower.
The MACD lines are in the neutral zone, suggesting that the market is consolidating. The RSI of 51 also shows that buyers are losing control of the market.
If the bulls fail to defend the $116k support level, BTC could experience a sharp decline towards the next support at $112k. However, if the TLQ at $116k serves as a springboard, it would push BTC above the $120k resistance and towards a new all-time high.
BTC, ETH, DOGE, XRP Price News: BTC Holds $118K as CPI Print Fuels Rate Cut Bets CoinDesk
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- Bitcoin saw a 5% daily surge that pushed BTC to a new all-time high above $118,000.
- The sudden gains had shorts wiped out, with over $1.1 billion in short positions liquidated in 24 hours.
- A trader on HTX was liquidated for $88 million.
A spark of bullish momentum has seen Bitcoin smash through the $118,000 mark today, setting a new all-time high.
The sharp move that had BTC moving from off the $110k low has triggered a massive wave of liquidations, which have wiped out over $1 billion in short positions across the cryptocurrency market in the past 24 hours.
The surge, fueled by institutional demand, regulatory clarity, and macroeconomic shifts, has sent shockwaves through the crypto space, leaving traders and analysts scrambling to predict what’s next for the world’s largest digital asset
Shorts see red amid $1.2 billion in liquidations
Bitcoin, the crypto market’s bellwether, surged to a new all-time high of $118,403 on Friday, July 2025.
Robust institutional demand and $1.18 billion in net inflows to Bitcoin spot ETFs on July 10 highlighted this move.
Macro headwinds, with investors factoring in possible Fed rate cuts, have also added to the upside fuel.
This rally triggered a massive short squeeze, with over $1.2 billion in crypto liquidations in the past 24 hours, a 140% increase from the prior day.
The most dramatic fallout from Bitcoin’s surge was the annihilation of short-sellers.
Over $1.11 billion in short contracts were liquidated in the past 24 hours, with $635 million tied to Bitcoin and $208 million to Ether, affecting 269,681 traders.
One notable casualty was a single trader on the HTX exchange, whose $88 million short position was wiped out, underscoring the intensity of the market’s upward momentum.
Whales make moves as Bitcoin surges
With Bitcoin breaking a new all-time high, large holders were keen to keep hold of their windfalls.
It included a Binance whale’s “powerful punch” that helped the market higher. CryptoQuant highlighted this in a post on X.
“Until recently, whales on the US-based Coinbase exchange were driving the market, but today’s surge was driven by a significant move from a major whale on the Binance exchange,” said CryptoQuant’s DanCoinInvestor.
While others bought BTC, some scrambled to preserve their positions amid massive liquidations.
According to Lookonchain, a whale who was down by more than $10 million on a 1,135 BTC or $132.65 million short position, opted to deposit more funds to avoid liquidation.
The whale added the $5.5 million USDC to his position on Hyperliquid with a new liquidation price of $121,080.
James Wynn, recently in the headlines for major losses, has also seen positions wiped out in the last 24 hours.
James Wynn’s $BTC short position got fully liquidated in less than 12 hours, resulting in another loss of $27,921.63!https://t.co/205yuTcrz1 pic.twitter.com/AyVORksque
— Lookonchain (@lookonchain) July 11, 2025
As BTC eyes further gains, analysts are saying the supply-side dynamics are tightening.
For instance, Glassnode has noted that long-term holders and smaller entities are accumulating Bitcoin faster than its issuance rate.
This accumulation, coupled with compressed volatility across all timeframes, has set the stage for Bitcoin’s breakout, with analysts eyeing $120,000 as the next psychological target.