
Jakarta, Pintu News â Since late September, Bitcoin has embarked on an impressive bullish rally, reaching price levels close to its previous record high of $124,457. However, it is still a matter of speculation whether the major cryptocurrency will maintain its early October momentum to print new highs or experience a major correction into deeper liquidity zones.
On October 3, through a post on X, key opinion leader (KOL) Ted Pillows shared that Bitcoin (BTC) is once again approaching critical price levels, supported by trader activity data. Pillows based this analysis on the Order Book Heatmap metric, which shows the number or quantity of pending buy and sell orders at specific price levels across various exchanges.
The indicator displays a horizontal colored band at that price level, with the colors representing clusters of orders resting around that zone. According to KOL, there is a high number of sell orders around the $125,000 price level. Usually, zones like this with clusters of sell orders can act as strong resistance for the price.
Interestingly, Ted also mentioned the presence of a significant amount of buy orders on the downside of the price, specifically around $119,500 and $117,500. As is intuitive, these orders could act as solid support if the flagship cryptocurrency were to correct to these levels.
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In a separate X post, Pillows also shared more insights regarding Bitcoinâs (BTC) price action and what to look out for in a potential decline. Specifically, the analyst expects Bitcoin (BTC) to see accumulation around the $120,000 price level before surging to around $124,000, a prediction that has since come to pass, leading to a minor retracement.
In analyzing important immediate support levels, the crypto expert highlighted the 20-day Exponential Moving Average (EMA20), which is currently near $118,447 as a vital threshold. According to Pillows, if Bitcoin (BTC) holds above this level, the broader trend (which is currently bullish) is likely to be sustained.
On the other hand, a break below the 30-day Moving Average (MA30), which is currently around $116,415, may be a bad sign for the cryptocurrency. KOL explains that this situation could open the door for a âlarger correction towards $112,000-$113,000,â as more liquidity will be sought.
Therefore, the market remains in a state of anticipation to see if Bitcoin (BTC) will test its high resistance at $125,000 or slip back to the lower zone to test its support zone. If Bitcoin (BTC) manages to break out of its current resistance zone, the market may see a continuation of its already impressive upside rally into uncharted territory.

Currently, Bitcoin (BTC) is valued at around $122,100, with a fair growth of around 1.6% in the past day. The crypto market continues to show interesting dynamics with Bitcoin (BTC) at the forefront, challenging price boundaries and testing investor resilience and market structure.
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This content aims to enrich readersâ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an assetâs past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.