BTC Price Under Pressure: Support Levels at $117K and $114K in Focus
Bitcoin (BTC) hovered just above $122,000 on Wednesday, as markets absorbed a sharp correction and mounting expectations of increased price volatility. After briefly touching new all-time highs, BTC/USD is now consolidating, with analysts eyeing lower support zones for a potential rebound.
BTC Price Pulls Back After All-Time Highs
Data from Cointelegraph Markets Pro and TradingView showed Bitcoin tracking sideways, following a sudden 4.2% drop the previous day. The dip came after a series of all-time highs, with some traders pointing to the lack of strong momentum as a sign of exhaustion.
The correction wasn’t entirely unexpected. Surging open interest (OI) in derivatives markets had already raised red flags, suggesting a potential pullback was on the horizon. Trader Skew noted the “very efficient price action” and “low volatility,” but also highlighted “predatory behavior” by high-volume players in exchange order books.
However, fresh liquidity is now beginning to return. According to CoinGlass, both bid-side and ask-side liquidity have thickened, hinting at renewed market activity. Skew suggested this could lead to a consolidation range in the short term.
Support Levels Shift Toward $117K and Below
Analysts are closely watching for a local floor. Trader ZYN pointed out that the $121K–$120K range lacks strong support, meaning further downside is possible if selling intensifies. However, around $117K, nearly 190,000 BTC were recently accumulated — a potential stronghold of demand.
“Weak cushion at $121K, but a very real floor forming at $117K,” ZYN noted, using the cost basis of recent buyers to map out likely support zones.
Meanwhile, Material Indicators flagged $120K as a soft support level, but identified $114K, near Bitcoin’s 50-day simple moving average (SMA), as a stronger base for a bounce. Analyst Michaël van de Poppe echoed this sentiment, pinpointing $118K as his area of interest for a potential dip-buying opportunity.
