#BTC
Bitcoin Corrects from All-Time High: Key Levels to Watch as BTC Tests $119K Support
After briefly touching a new record high above $124,000, Bitcoin has entered a expected pullback phase, currently trading around $119,000 (-4% from peak). This healthy correction comes as traders take profits following BTC's 28% monthly rally.
Market Snapshot:
Current Price: $119,200 (-1.24% 24h)
Key Support: $115,000 (weekly low)
Immediate Resistance: $120,500 (psychological level)
Volume: $38.2B (25% above 30-day average)
Technical Perspective:
• RSI cooling from overbought (72 → 58)
• Futures funding rates normalizing
• OI remains elevated at $24.6B
Why This Matters:
Institutional Activity: Spot BTC ETFs continue seeing net inflows ($420M yesterday)
Macro Backdrop: Fed rate cut expectations (75% Sept probability) remain supportive
On-Chain Data: 87% of BTC supply currently profitable - historically precedes consolidation
Forward Outlook:
Bullish Case: Holding $115K could setup retest of ATH
Bearish Scenario: Breakdown targets $110K support
Most Likely: Range-bound action ($115K-$122K) before next leg
Trader's Corner:
• Swing traders watching $115K as potential entry
• Hodlers can relax - this is normal in bull markets
• Altcoins may see amplified moves during BTC consolidation
The overall uptrend remains intact despite this pullback. As always, manage risk and avoid overleveraging in volatile conditions.