BTC faces rejection at $123K and falls back to retest key support zone
Bitcoin (BTC) slipped below $115,000 on Monday, marking a 2% daily decline as the world’s largest cryptocurrency failed to hold gains above $120,000. The rejection from the $123,000 resistance level has shifted focus back toward major support zones that could decide the next trend.
After weeks of strong momentum, Bitcoin attempted to break through $123,000, a level highlighted as critical resistance on the daily chart. However, sellers stepped in, driving the price lower and forcing BTC back into the $114,000–$115,000 range.
BITX market analyst explained, “The $122K–$123K zone remains the biggest hurdle for Bitcoin in this cycle. Each time we approach it, selling volume picks up. Bulls need a clean breakout above this level to confirm a continuation of the rally.”
The current pullback brings Bitcoin closer to its nearest support at $112,000–$115,000, an area that previously acted as a springboard for the July rally. If this level holds, BTC could consolidate before making another attempt to retest the highs.
However, if bears push the price lower, the next downside targets sit around $105,000 and $97,000, both of which align with prior consolidation zones marked on the chart.
Market sentiment
Despite the correction, long-term sentiment remains positive among traders. According to BITX , “Corrections are natural in an extended uptrend. As long as Bitcoin holds above $110K, the structure still favors buyers, and the macro trend is intact.”
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.