Bitcoin Price Dips Below $118K Amid 2% Intraday Decline
Bitcoin price on OKX slipped below $119,000, settling near $117,957 after a roughly 2% intraday decline. This Bitcoin price drop highlights rising volatility in the crypto market and mild bearish pressure. Traders should watch key support at $118,000 and resistance near $119,000. Monitoring trading volume, technical indicators, and macro drivers is crucial. The pullback may offer short-term entry points, but sustained selling could push prices lower.
Bearish
The continued drop below key levels and a near 2% intraday decline suggest bearish momentum. Short-term traders may see consolidation around $118,000 as they reassess positions, but ongoing selling pressure could lead to further downward moves. Historically, when Bitcoin breaks critical support, extended sell-offs often follow without positive macro catalysts. However, the pullback could provide brief buying opportunities for aggressive traders.