Bitcoin Hits $123.1K Peak – Is This the Local Top? Analysts Warn of Impending Pullback

Bitcoin just flashed a $123.1K high—now traders brace for turbulence.

Market euphoria hits saturation as BTC's parabolic rally shows exhaustion signals. The 'number go up' crowd might need a reality check—gravity still exists, even in crypto.

Technical indicators scream overbought, while leverage ratios suggest the usual suspects (overzealous degens) are primed for liquidation. Remember: Wall Street sharks smell blood faster than retail can click 'buy.'

Could this be the local top? History says yes. Smart money's already rotating—time to see if the 'HODL forever' brigade survives another round of pain.

Bonus cynicism: If past cycles hold, the pullback will be blamed on 'macro factors'—not the fact that markets can't go vertical forever. Funny how that works.

Triangle Consolidation Tests $125,000 Breakout

Bitcoin’s 4-hour chart indicates consolidation within a symmetrical triangle pattern, with the apex approaching around $117,837.

The formation creates compression between descending resistance and ascending support at $116,000-$117,000, building energy for eventual directional resolution.

This coiling effect typically precedes a significant expansion of volatility.

A bullish breakout above the red trendline WOULD likely trigger a move toward $125,000, representing approximately a 6% upside from current levels.

Conversely, a breakdown below the green support level could drive prices toward $111,000, marking a roughly 6% downside risk.

The symmetrical nature suggests neither bulls nor bears have gained decisive control.

Multiple-layered support zones provide cushioning for potential declines, with institutional buying historically emerging at these levels.

The eventual breakout direction becomes crucial for determining near-term momentum and validating either continuation or correction scenarios.

Global Liquidity Cycle Enters Distribution Phase

According to Merlijn The Trader, Bitcoin’s correlation with the global M2 money supply reveals that the cryptocurrency has transitioned into “Distribution” territory from its previous “Accumulation” and “Manipulation” phases.

Bitcoin doesn’t MOVE randomly.

It moves with global liquidity.
Watch M2.

When liquidity expands, $BTC pumps.

This isn’t just price action it’s macro precision. pic.twitter.com/9imQxMbH8t

This macro framework suggests that while liquidity expansion continues supporting Bitcoin’s advance, explosive gains may become more measured and volatile as the cycle matures.

Complex Fibonacci analysis has also projected Bitcoin’s cycle peak timing toward October, suggesting a more extended timeline than immediate parabolic acceleration.

The $133,665 – $151,539 resistance zone represents ultimate targets, but the path involves multiple consolidation phases rather than linear advance.

Current levels around $117,000-$118,000 correspond to substantial volume clusters where institutional accumulation and distribution have occurred.

This technical congestion creates multiple layers of support and resistance that require patience to navigate effectively during the Distribution phase.

Best Wallet: Final Opportunity to Secure $BEST Tokens

Best Wallet’spresale is approaching its final phase, offering one last chance for investors to secure positions before the allocation is sold out permanently.

The token offers reduced fees, early access to presales, and staking rewards, which are perks rare in projects.

holders unlock multiple revenue streams through the expanding ecosystem.

Reduced trading fees and priority access to new project launches become increasingly valuable as Bitcoin approaches cycle peaks and altcoin opportunities multiply.

The token’s utility extends beyond basic wallet functions. Best Wallet’s version 2.5.1 introduced full bitcoin support alongside 60+ blockchain compatibility, providing secure non-custodial storage during uncertain market periods.

Integration with the Rubic exchange aggregator enables optimal swap rates across 200+ DEXs, which is essential for portfolio rebalancing as Bitcoin tests key resistance levels.

The platform’s upcoming crypto-backed debit cards and advanced trading tools position users for the next phase of the cycle.

With Bitcoin potentially reaching $125,000+ or facing $111,000 correction risks, having exposure to both secure storage infrastructure and the underlyingcreates diversified opportunities.

The presale’s limited remaining allocation and approaching completion create a final window for early adopter advantages.