Bitcoin at Critical Resistance – Reversal or Breakout?

Bitcoin (BTCUSDT – 3H) is testing the 117.5k – 118k resistance zone, which coincides with the upper boundary of the descending channel.
So far, this level has acted as a strong rejection zone several times.

🔎 Key Insights:
• Structure: Price has formed a rising channel/wedge, often seen as a corrective bearish pattern.
• Resistance: 117.5k – 118k (major supply zone + channel top).
• Supports:
• 114k (short-term channel support)
• 107k – 108k (major support zone + channel bottom).

📌 Scenarios:
• Bearish (more likely): Rejection from 118k → downside targets at 114k and 107k – 108k.
• Bullish (alternative): Break & close above 118k → potential rally toward 122k – 124k.

⚠️ As long as BTC stays below 118k, downside risks remain higher.