Bitcoin Faces Key Levels: $125k Resistance Vs $118k Support – Details

From late September, Bitcoin has embarked on an impressive bullish rally to reach price levels around its all-time high of $124,457. However, it remains speculative as to whether the premier cryptocurrency will maintain this early October momentum to put in a new all-time-high price, or experience a major correction into deeper liquidity ￰0￱ Reading: Bitcoin Bear Trap Over? Pundit Reveals Where The Market Is At Right Now Bitcoin Key Levels To Watch: Rally’s Challenge Lies At $125k Resistance In an X post on October 3, key opinion leader (KOL) Ted Pillows shared that Bitcoin is once again approaching critical price levels, backed by data showing trader ￰1￱ based this analysis on the Order Book Heatmap metric, which shows the amount or quantity of pending buy and sell orders at specific price levels on different ￰2￱ indicator shows horizontal coloured bands at those price levels, with the colors representing clusters of orders resting around those ￰3￱ to the KOL, Bitcoin has a high amount of sell orders packed around the $125,000 price level.

Usually, a zone such as this with clusters of sell orders could act as strong resistance for the price. Interestingly, Ted also cited the presence of a significant amount of buy orders to the downside of the price, specifically around $119,500 and $117,500. As is intuitively obvious, these orders could act as solid support if the flagship cryptocurrency were to experience a correction to this ￰4￱ Reading: BNB Cup-And-Handle Breakout Powers Past $1,050, A Move To $1,100 Next? Cautionary Market Outlook For Bitcoin In a separate X post, Pillows also shares more insights concerning Bitcoin’s price action and what to watch out for in a potential downswing.

Notably, the analyst expected Bitcoin to see an accumulation around the $120,000 price level before surging to around $124,000, a prediction that has since played out, leading to a minor ￰5￱ analyzing the important immediate support levels, the crypto pundit highlighted the 20-day Exponential Moving Average (EMA20), which is currently near $118,447 as a vital ￰6￱ to Pillows, if Bitcoin holds above this level, the broader trend (which is currently bullish) will most likely be ￰7￱ the other hand, a break below the 30-day Moving Average (MA30), currently around $116,415, may be ominous for the ￰8￱ KOL explained that this situation could open the door to “a larger correction toward $112k-$113k,” as more liquidity will be sought after.

Therefore, the market remains in a state of anticipation to see if Bitcoin tests its higher resistance at $125,000 or slips back into lower zones to test its support ￰9￱ Bitcoin were to break out of its current resistance zone, the market could see the continuation of its already impressive upward rally into previously uncharted ￰10￱ the time of writing, Bitcoin is valued at about $122,100, with a fair growth of about 1.6% in the past ￰11￱ image from Flickr, chart from Tradingview