Bitcoin Holds $121K Support As Bulls Eye Breakout Above $125K

Bitcoin is gearing up for a fight around the $121K support after hitting a wall near $124K

If it can close above $125K, we might see a fresh rally pushing toward $130K

A dip to $117K could be next If $121K doesn’t hold,before buyers step back in.

After hitting resistance around $124,000 Bitcoin is trading at $121,600. The market is in a wait and see mode ,on whether the top crypto will continue surging or will it retrace to previous lower levels.

Bitcoin Retests Support After Breakout Attempt

Bitcoin is holding steady just above a key support level after being pushed back from the $124K mark. Recent charts from IncomeSharks on X show BTC broke out of a long downward trendline earlier this week, signaling that buyers are stepping up.

Breaking above this trendline signaled a change in momentum, pushing Bitcoin’s price into the higher part of its range, between $112K and $125K.However, $124K acted as a strong resistance and stopped further gains for now. If BTC can break and hold above $125K, analysts expect a rally toward the $128K–$130K area.

The structure remains bullish for now, with higher lows and strong interest from buyers. But a failure to hold above $121K could send the price lower.

$121K Support in Focus – What Comes Next?

Right now, all eyes are on the $121K level. A bounce from here could send Bitcoin back toward $124K and possibly higher. But if this support breaks, the next target could be around $117K. This would bring the price closer to the lower part of the range, and possibly even retest the $112K zone.

Volume and sentiment are also cooling off. According to Coinglass, 24-hour volume dropped over 24%, while futures open interest fell by nearly 3%. Fewer liquidations also show that traders are waiting on the sidelines. The long/short ratio has turned slightly bearish, with more traders betting against BTC in the short term.

These signs point to a pause in momentum — not a full reversal — as the market waits for the next move.

Q4 Trends Remain Bullish, But Caution Needed

Looking at Bitcoin’s past performance in Q4, the bulls still have reason to stay confident. Data shared by Ash Crypto shows that October and November are often strong months for BTC. October and November have seen average gains of over 20%and 40% respectively.

December is less predictable,it has gained massively in some years, but also sharply dropped in others. If Bitcoin holds $121K and breaks $125K , it could keep rising toward $130K. But if it fails again and volume stays low, a drop is likely.

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