Bitcoin Dips Below $117k After Consolidating Around $120k
Bitcoin price has consolidated in a sideways range between $116,000 and $120,000 after a sharp rejection at $123,120, with the 21-day and 50-day SMAs signaling indecision and Doji candlesticks reflecting balanced buying and selling pressure. On July 22, BTC slipped below the $117,000 support level on OKX, trading near $116,954—a 1.15% decline that highlights heightened market volatility. Traders should monitor the $117,000 and $116,000 support levels, as well as the $120,000 resistance level, for clear directional cues. Key supply zones at $120,000 and demand zones between $100,000 and $90,000 offer further guidance. Tracking Bitcoin liquidity and liquidation metrics will help assess market sentiment and determine whether the recent dip is a temporary pullback or the start of a deeper correction.
Bearish
The drop below the $117,000 support after a period of indecisive consolidation signals a shift toward increased selling pressure. Short-term traders may view this as a bearish trigger, testing demand zones and potentially leading to further downside if key supports fail. While longer-term outlook hinges on whether BTC holds above $116,000 and liquidity metrics stabilize, the immediate price action aligns with a cautious, bearish sentiment.