Bitcoin Faces Resistance Below $120,000 as Analysts Predict $111K Retest

Bitcoin (BTC) remains below $120,000, currently trading at over $118,000, a 3.6% decline from its recent all-time high. Investors are monitoring for a potential breakout or correction.

On-chain analysis indicates a concern for a retest of lower levels before upward movement. Key findings include:

• The untested range of $111,000–$115,000 may see renewed activity.
• A “gap” was identified in Bitcoin's price movement, with limited trading activity between $111,000 and $117,000 during a rapid rally.
• Most buying pressure during this period originated from institutional players.
• Historical patterns suggest a possible retest of the $111,000 level, even in a bullish market.

Analyst CryptoMe notes that the $111,000 area remains unfilled and advises investors to prepare for potential pullbacks while adjusting their positions and risk exposure.