#Bitcoin pulled back 3% today to $118.2K after hitting $124.47K, it is highest level in weeks.⬆️
The rejection at the top signals strong selling pressure, but $BTC is still holding near the 7-day MA ($118.96K) and above the 25-day MA ($117.33K), keeping the short-term uptrend intact.
If bulls defend $118K, a quick retest of $124K is possible. A break below $117K, however, could open the door for a deeper correction.☑️