good

📌📌📌• Bitcoin reached historic ATH of $124,457 on August 7, currently trading at $123,662 with $93.43B 24-hour volume✅

• Recent breakout above $122K resistance on August 11 with 3.26% surge established new support zone

• Market sentiment overwhelmingly bullish (88.99%) with long/short ratio showing 77.84% traders in long positions

Key Market Drivers

• Trump's executive order on crypto retirement accounts created significant regulatory optimism

• Institutional confidence demonstrated by Metaplanet's $61.4M purchase of 518 BTC

• Technical indicators (RSI and MACD) signal continued upward momentum despite high valuation

• Altcoin market showing modest recovery, supporting broader crypto market strength

Trading Considerations

• Current price consolidation near ATH creates strategic entry opportunities

• Critical support levels at $111,920 with stronger support at 200-day SMA ($99,613)

• Near-term price targets between $120K-$140K with year-end projections up to $200K

• Risk factors: 95% of addresses in profit creating potential selling pressure, regulatory uncertainties remain

Market Outlook

• Price likely to test higher resistance levels with $140K as next significant target

• Watch for healthy pullbacks to key support levels for potential entry points

• Monitor institutional flows and regulatory developments as primary catalysts for continued growth

• Consider taking partial profits given historically high valuation metrics

@Binance Square Official $BTC