Bitcoin Primed for Major Rebound After Testing $118K-$120K Support Zone
Bitcoin bulls are licking their wounds after the recent pullback—but the charts suggest this might be the calm before another explosive move upward.
The $118,000-$120,000 Range: Bitcoin's Springboard?
After tapping the critical $118K-$120K support zone, BTC is showing all the classic signs of a coiled spring. Technical analysts are pointing to the same patterns that preceded previous major rallies—consolidation near key psychological levels followed by explosive breakouts.
Market sentiment remains divided between those seeing a healthy correction and the perennial bears predicting the end of the bull run. Meanwhile, institutional money continues flowing into Bitcoin ETFs—because nothing says 'confidence' like Wall Street finally catching up to what crypto natives knew years ago.
With volatility compressing and funding rates normalizing, the setup looks increasingly favorable for another leg up. The only question is when—not if—Bitcoin resumes its march toward new highs.
Sometimes the market needs to take two steps back before launching three steps forward. The smart money's betting that's exactly what's happening here.
Shutdown and regulatory delays
The sell-off occurred as the U.S. government shutdown entered its 10th day, leaving agencies such as the Securities and Exchange Commission operating with limited staff. The SEC confirmed on Oct. 10 that most normal review and approval processes, including pending cryptocurrency-related filings, remain delayed until funding resumes.
Friday’s session saw a broad risk-off shift following Trump’s tariff threat and ongoing fiscal gridlock in Washington. Gold prices rose more than 1% while oil slipped to a five-month low. The combination of trade tensions, political uncertainty, and thin regulatory activity contributed to the decline in both traditional and digital markets throughout the day.
