📉 Bitcoin ($BTC ) Starts to Correct After Hitting ATH at a Price Around $123K
Bitcoin ($BTC) is experiencing selling pressure again after briefly reaching a new all-time high of around $123,218. Currently, the price of BTC has corrected to the level of $116,540, down about -4.38% in the last 24 hours.
Technically, BTC is now trading below MA(7), MA(25), and MA(99), indicating the potential for a short-term consolidation phase. Daily trading volume has also recorded a decline, signaling that the euphoria momentum is starting to fade.
This correction follows a massive surge in recent weeks driven by institutional accumulation, a shift in fund allocation to digital assets, and long-term expectations regarding BTC's value as a digital reserve asset.
However, as usual, the market does not move in a straight line. Corrections like this are not new in the Bitcoin cycle but are part of the price discovery process following the achievement of ATH.
Some short-term technical supports are in the range of $114,000–$112,000, with resistance strengthening above $120K if selling pressure eases. The daily RSI also shows conditions nearing the oversold area, which could trigger short-term buying interest from tactical market participants.
Amidst this volatility, it is important to maintain a long-term narrative and not get carried away by fleeting market euphoria or panic.
📌 Disclaimer: Not Promotion & Not Financial Advice
