#bitcoin

🚀 Bitcoin hits $124K ATH but faces resistance at $123,217, now trading near $119K. CryptoQuant’s STH SOPR-7d at 1.04 signals healthy demand, absorbing short-term holder profit-taking without a sharp correction. 📈

Analyst Axel Adler notes SOPR-7d remains moderate (below 1.06–1.09 peaks), suggesting controlled selling pressure. Staying above 1.00–1.02 with quick rebounds from unity supports the uptrend. A drop below 1.0 could signal a deeper correction. ⚠️

$BTC holds above the 50-day MA ($115,194), with $125K as the next breakout level. A break below could test the 100-day MA ($110,456). 📊