Many traders will just sell and prepare for bears ruling if $125 is broken because that would mean that the trendline that was drew from the $79 and $103 lows is gone (30 days chart).
I agree that breaking $120 would be VERY BAD for bulls, while a breaking $125 could be reversed with enough faith... Anyhow, if $125 is broken is more likely that $120 will be broken too, triggering a bear market before testing the real tipping point, which is $166.43.
Well to me it looks like the same Walzilla who pushed the price into the 120s was behind this move to push the price down. So far he hasn't succeeded, but if he does he will have more coins and more power to manipulate us in a similar way next time. So let's pray he won't succeed, not because we're bulls but because this would be bad for bitcoin and a win for the manipulators.