Bears Push Bitcoin Down from $123,240 as Market Tests Support Zones
Bitcoin (BTC) has pulled back sharply after failing to break through the $123,239 resistance area, dropping below $117,600 in the latest trading session. The move comes after a multi-week rally that took BTC from under $94,000 to recent highs, but technical signals now suggest short-term caution.
For several weeks, BTC had been consolidating within a broad range before breaking out above the descending channel that dominated much of June. That breakout fueled strong buying momentum, pushing prices decisively through the $112,000–$114,000 support-turned-resistance zone, marked in green on the chart.
However, the rejection near $123,240 signals that sellers are still active at this historically significant level. “We’ve seen multiple rejections in the $122,000–$124,000 range, which makes it a strong supply zone,” explained market strategist Daniel Hayes. “For bulls to regain control, they’ll need to break and hold above this region with strong volume.”
The immediate focus now shifts to the $114,000–$112,000 support band. If BTC holds above this level, it could provide a springboard for another attempt at $123,240. But a decisive break below could expose the market to deeper retracement toward the $102,000–$104,000 demand area.
Volume data from recent sessions shows heightened selling pressure as BTC turned lower, suggesting profit-taking after the extended rally. This coincides with a broader market pause as traders weigh the sustainability of recent gains.
For now, maintaining above $114,000 remains critical to keeping the bullish structure intact. A sustained move back above $120,000 could restore bullish momentum, but repeated failures near $123,240 would likely embolden sellers.
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.