🚨 Bitcoin Pulls Back After ATH — Breakout Loading or Storm Brewing? ⚡
After hitting a record high of $123,200, Bitcoin ($BTC) is now cooling off. Is this just a healthy correction before liftoff — or the beginning of deeper consolidation?
📉 Current Snapshot:
Price: ~$118,500
24H Drop: ~4%
High: $123,140
Support: $115,500
Resistance: $120,000 → $122,000
📊 Chart Breakdown:
BTC surged past $118.5K, briefly flipping $123K before correcting.
It’s now below $120K and the 100-Hour SMA.
50% Fib Level (from $108,636 to $123,140) is being tested — a key battleground.
Price broke above a descending trendline near $117,300 — short-term relief.
📈 Bullish Scenario:
A reclaim of $120K sets up a quick move to $122K → $123.2K.
Break above $123,200 opens doors to:
🔹 $125,000
🔹 $130,000 (psychological + Fib extension)
📉 Bearish Scenario:
Failure to reclaim $120K may invite more downside:
🔻 Support 1: $115,500
🔻 Support 2: $114,150
🔻 Critical Level: $112,500
🔻 Danger Zone: Below $110,500
📊 Technical Indicators:
MACD: Bearish momentum building
RSI (1H): Below 50 — no clear bullish divergence yet
SMA 100 (1H): Resistance now flipped
🧠 TL;DR: Bitcoin is at a critical retest level. Bulls must defend $115,500 and reclaim $120K to remain in breakout mode. Otherwise, momentum favors a short-term pullback or chop.
📣 Let the chart speak — confirmation is key. No need to front-run reversals.
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