Bitcoin Eyes Bounce off This Support Level In Reversal Campaign For $121,000

Bitcoin's price has reversed after reaching an all-time high of $123,000, leaving the market surprised and the altcoin market bearing the brunt of the losses. The current price level is crucial, with questions arising about whether this is the start of a bear trend or if there will be a bounce in price. Crypto analyst TehThomas has published an analysis outlining the current Bitcoin price trend, stating that the cryptocurrency is still trading in a well-defined trend after being rejected from the upper resistance zone at $120,000 multiple times. Despite this, there is still significant support below, which could be Bitcoin's saving grace. The fact that support continues to hold shows that there is still a lot of buying going on for Bitcoin, making the support tight around this area but also a dangerous territory for the bulls. A sweep back to the lows could engineer sell-side liquidity, and there is a Fair Value Gap (FVG) at the $121,000 level that continues to be defended. If the sweep back toward the lows is completed, it could trigger the next wave of uptrend, with buyers stepping back in at the $116,000 level. However, if support at $116,000 fails to hold and there is no immediate recovery, it would invalidate the bullish thesis. The analyst notes that Bitcoin remains locked in a clear range, and until the breakout happens, the edges of that range offer the best trading opportunities. Ultimately, the direction of the Bitcoin price depends on whether it dips back to support and then bounces off again.