BTC stalls near $118,000 amid selling pressure from key supply zone
Bitcoin faced another setback after testing the $118,000 resistance zone, where sellers quickly regained control and pushed the price lower. Despite recent momentum, the rejection highlights that BTC continues to face strong headwinds at critical levels, leaving traders cautious about the near-term outlook.
On the 4-hour chart, Bitcoin’s rally from early September lows near $108,000 carried the price into the red-marked supply area around $118,000. However, the attempt to break higher was met with heavy selling, triggering a pullback toward $116,000 at the time of writing.
The price remains supported above the $113,500–$114,000 demand zone (highlighted in green), which has acted as a strong base in recent weeks. A decisive breakdown below this level could open the door for a deeper move toward the broader $108,000 support zone. On the upside, a confirmed breakout above $118,000 would be required to re-test the $122,000–$124,000 resistance cluster, marked in dark red.
BITX Market analysts note that Bitcoin’s repeated rejection at the same resistance level indicates waning bullish momentum. “Each attempt to push beyond $118,000 is meeting with significant sell orders,” BITX strategist explained. “Unless volume builds to support a breakout, the path of least resistance may lean sideways or lower.”
Despite this, long-term traders highlight that the recent recovery out of the falling channel (marked in orange) suggests a structural shift toward bullish momentum., “BTC is still showing strength as long as it holds above $113,500, but buyers need to reclaim $118,000 to keep momentum alive.”
The market remains in a pivotal range. Failure to break above $118,000 keeps Bitcoin capped under a key resistance, while holding the $114,000 support could provide the springboard for another attempt higher. Traders now await confirmation of whether BTC will consolidate further or stage a breakout toward fresh highs.
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.