Bitcoin Eyes $128K Target After Retesting Key Order Block
Muhammad Faraz 
BTC Price Technical Analysis
Bitcoin (BTC/USD) is showing strong signs of a bullish reversal after retesting a critical order block zone between $118,144 and $118,836. With key support levels holding and institutional buying pressure detected, analysts anticipate a potential surge toward $128,000, a major resistance level that could pave the way for new all-time highs. In this analysis, we break down the crucial price levels, trading signals, and expert insights to watch as Bitcoin gears up for its next big move.
Key Support and Resistance Levels
- Current Price: $118,473.23 (-0.26%)
- Immediate Support: $116,474.22 (critical level to hold for bullish continuation)
- Secondary Support: $112,000.00 (strong demand zone)
- Order Block (OB) Zone: $118,144.32 – $118,836.97 (key area for potential reversal)
- Target Resistance: $128,000.00 (primary upside objective)
- Major Resistance: $132,000.00 (next psychological barrier)
Expert Analysis
1. Order Block Confirmation
The chart highlights an order block (OB) between $118,144.32 and $118,836.97, marked by institutional activity. Bitcoin has retested this zone, showing a slight rejection (wick to $118,836.97) before settling at $118,473.23. This suggests accumulation, a precursor to upward momentum.
2. Bullish Catalyst: MSB and Volume
- MSB (Market Structure Break): The OB is labeled with a “tiny” bullish bias (9, 0.33), indicating minor but meaningful buying pressure.
- Volume: Trading volume is moderate (108 BTC bids, 573 BTC asks), but the order block’s presence increases the likelihood of a breakout.
3. Path to $128,000
- A decisive close above $120,000.00 (psychological resistance) could trigger a rally toward $124,000.00 (intermediate hurdle) and ultimately $128,000.00.
- The RSI (not shown but implied by “57.0”) suggests neutral momentum, leaving room for upward movement.
4. Risk Management
- Invalidation Level: A drop below $116,474.22 would negate the bullish setup, potentially pushing BTC toward $112,000.00.
- Stop-Loss: Traders could place stops below the order block ($118,144) to limit downside risk.
Conclusion
Bitcoin’s retest of the order block near $118K presents a high-probability long opportunity targeting $128,000.00. Traders should monitor price action around $120K for confirmation and manage risk tightly. The broader uptrend remains intact, but a failure to hold support could delay the rally.
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