The Bitcoin (BTC) price fell to around $117,000 at press time after declining 0.59% in the last 24 hours.
The move followed a brief rally to a new all-time high near $124,000. Analysts attributed the decline to repeated rejection at a supply area and outlined levels to watch for either recovery or further losses.
Bitcoin Price Struggles at Supply Zone
The BTC/USD price set a record high near $124,000, slightly above its previous peak near $123,000.
The advance was short-lived. Sellers entered the market near the supply zone, pushing the price lower.
According to a market analyst, the rejection confirmed the zone as strong resistance. The bias in the short term remained neutral to bearish unless the BTC price could break and hold above this level.
The analyst identified the “red box” area, a marked resistance region, as the zone to watch for a sustained bullish push.
The same source said the BTC price had moved within the Monday trading range, first testing highs and
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