If Bitcoin drops, what will its support levels be?

The price of Bitcoin continues to attract the attention of investors with its recent fluctuations. Currently trading at $124,300, Bitcoin is being closely monitored by investors.

On-chain data indicates that critical support levels for Bitcoin are on the rise. The $121,000 to $120,000 range stands out as a weak support zone, while a strong buying area exists at $117,000. Analyses reveal that the cost distribution of Bitcoin provides limited support at these levels.

Particularly at the $117,000 level, it is noted that there is a significant support cluster where approximately 190,000 Bitcoins were previously purchased. Analysts believe that in the event of a price pullback, demand could be rekindled in this area. The intention of investors who bought at high prices recently to defend this critical support level could play an important role in short-term price fluctuations.

Experts emphasize that the $117,000 band serves as a defensive line for bulls from both a technical and psychological standpoint. Maintaining this level could be a decisive factor for the continuation of the current uptrend. However, in the event that the price dips below this support, the possibility of a pullback to the $114,000 area is not ruled out.

In conclusion, in the event of potential declines in Bitcoin’s price, investors need to closely monitor the established support and resistance levels. The $121,000, $120,000, and $117,000 levels form critical points that investors should pay attention to.