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Bitcoin Hits $124.45K Before Pullback; Mixed Signals on Rally’s Future
Bitcoin set a new all-time high of $124,450 in early Asian trading Thursday before retreating to $121,670. On-chain data from CryptoQuant suggests the rally may have more room to run, while technicals from some analysts point to a possible top.
Bullish signals:
• Funding rates and short-term capital inflows remain low versus prior peaks, indicating no major overheating.
• Short-term holder SOPR is at 1.01%, showing limited profit-taking despite gains.
• CoinGlass bull market indicators imply no signs of a peak, with potential upside toward $187,000.
Bearish signals:
• Analyst Captain Faibik cites a “9th TD sell candle,” daily RSI bearish divergence, and a rising wedge pattern as signs of a potential top near $124,000.
• RSI overbought readings (70–72 across multiple time frames) mirror July’s setup, which preceded a 6% drop.
While overbought conditions suggest short-term risk of a pullback, BTC could still rally on institutional demand and broader liquidity growth.
