Bitcoin (BTC) continues to make new records and has totally changed the landscape of online investing. A quick look at the long-term chart of BTC reveals that it has maintained a long-term bullish trend.
While the altcoins fail to give impressive returns, Bitcoin (BTC) continues to maintain its dominant position. Recently, Bitcoin (BTC) has managed to hit a new ATH at $123,236 and liquidated many short-sellers in the process.
However, reaching the all-time high led to some profit-taking in the Bitcoin (BTC) spot market. That’s why Bitcoin (BTC) has since moved lower and led many to wonder what’s next. So in this blog post, we will explore all the key technical levels to watch for the Bitcoin (BTC).
Bitcoin Drops From $123,000
A bullish trend started in Bitcoin from 107,741 (July 8, 2025). Over the span of the next few days, Bitcoin managed to hit a new all-time high just above the $123,000 handle.
However, hitting a new ATH also leads to some major profit-taking in the spot BTC. As a result, the spot BTC is now trading just above $116,000, a drop of more than 4.50%.
As of now, Bitcoin’s market cap is $2.32 trillion, which means it is now slowly inching towards Apple’s market cap of $3.12 trillion.
With that in mind, here’s a list of important support and resistance levels to watch in spot Bitcoin (BTC):
Support Levels
- 115,253 – 115,000 (0.50% Fib Level)
- 113,469 – 113,000 (0.618% Fib Level)
- 110,931 – 110,500 (0.786% Fib Level)
- 107, 697 – 107,500
Resistance Levels
- 119,000 – 119242 (0.236% Fib Level)
- 122,809 – 123,236
I have derived all of these support and resistance levels using the Fibonacci Retracement Tool. What’s more impressive is how the price has reacted to each of these levels in the past!
This confirms that these levels are indeed effective, and we can expect some serious action around them. The most important support levels are the 115,253 and 113,469, representing the 0.50% and 0.618% levels.
What’s Ahead For Bitcoin?
The Bitcoin (BTC) will likely find solid support near the 115,253 – 115,000 (0.50% Fib Level) or 113,469 – 113,000 (0.618% Fib Level).
Once the spot Bitcoin (BTC) has reached these levels, we can expect a continuation of the uptrend once again. However, the chances of making new ATHs are very low (at least for the next 1-2 weeks).
But, what happens if the US President Trump says something, or a big geopolitical event shakes things up? In that case, Bitcoin will start to head even lower than the 113,469 – 113,000 (0.618% Fib Level).
In that case, we can expect a deeper retracement, which will take the spot BTC to 110,931 – 110,500 (0.786% Fib Level) or even below 107,697 – 107,500.