#bullish ❓
🚨 $BTC Hits $123K High, But Profit-Taking Sparks Caution!
Bitcoin just soared past $123,000, driven by ETF inflows, geopolitical hedging, and pro-crypto sentiment. Yet, a spike in exchange netflows signals profit-taking, hinting at a potential local top. 📉
🔎 Key Insights:
• Exchange Netflows Surge: On-chain data from CryptoQuant shows more BTC flowing into exchanges, suggesting holders are cashing in.
• Euphoria Warning: 98.9% of BTC supply is in profit, with Glassnode's NUPL at 12.1%—a level often tied to corrections.
• Bullish Backdrop: Record ETF inflows ($2.7B weekly) and rising futures volume keep the rally alive.
• What's Next?: Consolidation between $120K–$130K is likely, with $140K in sight if support holds. Altcoins may also shine soon!