📉 BTC has settled at $118,400 — where to next?

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Bitcoin is trading around $118,400, after a recent pullback from the local high of $122,278.
On the 4H chart, it can be seen that the price has approached the support zone of $118,000–118,400, where the MA30 is located and there has already been a rebound at the beginning of the month.
MACD on all timeframes shows a weakening of the bearish momentum, which may lead to consolidation before a new movement.
A consolidation above $118,600 will open the way to $120,000, while a break below $118,000 could take the price down to $116,500.