Bitcoin’s price is currently hovering around the crucial $112,000 support level. Traders are watching closely for a potential surge towards the $120,000 mark as analysts point to growing DeFi interest and institutional investment. A whale transaction of 24,000 BTC worth $2.7 billion triggered a short-term dip of around $4,000, yet the overall market activity remains high. Despite this recent decline, buyers have stepped in around the key support level, which has been tested multiple times previously. Ali Martinez, a prominent cryptocurrency analyst, suggests that Bitcoin’s price could rebound to $120,000 if it manages to defend its current position above $112,000. 4-hour chart analysis confirms this potential, with buyers stepping in to prevent further declines. Resistance levels near $117,600, a previous barrier that capped rallies in August, pose a challenge for further price increases. A successful break above this level could propel Bitcoin towards the $120,000 mark, a threshold it has previously encountered resistance from. If momentum continues and Bitcoin stays above $112,000, a further climb toward $120,000 is possible. However, if support fails and Bitcoin dips below $111,000–$110,500 range, it could signal a deeper downturn in the market.