BTC Faces Selling Pressure After Rejection at $122K
Bitcoin (BTC) has slipped to $113,881, losing more than 2% in the last 24 hours after failing to hold above $116,000. The decline comes shortly after BTC tested resistance near $122,000, sparking profit-taking and renewed pressure from sellers.
The daily chart highlights how Bitcoin recently broke down from a short-term rising channel after a sharp rally in July. The price was rejected near the $122,000–$124,000 resistance zone, where sellers stepped in, pushing BTC lower.
At present, BTC is testing the $113,000–$115,000 support region, which also coincides with the breakout level from late July. If this support holds, traders may look for a rebound attempt back toward $120,000, but a breakdown below this level could expose Bitcoin to deeper pullbacks.
The next major downside target sits near the $104,000 demand zone, with additional support around $92,000.
“Bitcoin is facing its first real test after the rally,” According to BITX analyst . “If $113,000 gives way, the technical damage could extend the correction significantly.”
Volume has remained relatively low during this pullback, suggesting the move is more corrective than panic-driven. Still, investors remain cautious given the sharp run-up from June lows below $90,000.
According to BITX , “The market needs to cool off after Bitcoin’s rapid ascent. Consolidation above $113K would be constructive, but failure to hold here could trigger a move back toward the $104K region before buyers return.”
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.