Bitcoin Takes a Breather: Bulls Regroup After Record-Breaking ATH Surge

Bitcoin's meteoric rally hits a speed bump as profit-takers swarm.

The king of crypto just notched another all-time high—then promptly triggered a classic 'buy the rumor, sell the news' retreat. Traders are licking wounds while institutions quietly accumulate (as usual).

This isn't your 2017-style correction though. With BlackRock's ETF now processing more volume than most stock exchanges, the dip buyers are already loading up. 'Temporary pullback' or 'macro top'? The charts will decide—but Wall Street's latecomers are sweating their entry points.

Fun fact: The 20% 'crash' barely wiped out last week's gains. Try getting that ROI from your bank's 'high-yield' savings account.

Bitcoin Price Sets New ATH

Bitcoin price started a fresh increase after it cleared the $116,500 resistance zone. BTC gained pace for a MOVE above the $118,000 and $120,000 resistance.

The bulls even pumped the pair above the $122,000 resistance zone. A new all-time high was formed at $123,140 and the price is now consolidating gains. There was a move below the 23.6% Fib retracement level of the upward move from the $108,636 swing low to the $123,140 high.

Besides, there was a break below a bullish trend line with support at $119,800 on the hourly chart of the BTC/USD pair. Bitcoin is now trading near $118,500 and the 100 hourly Simple moving average.

Immediate resistance on the upside is NEAR the $119,550 level. The first key resistance is near the $120,500 level. The next resistance could be $122,000. A close above the $122,000 resistance might send the price further higher. In the stated case, the price could rise and test the $123,200 resistance level. Any more gains might send the price toward the $125,000 level. The main target could be $130,000.

Downside Correction In BTC?

If bitcoin fails to rise above the $120,500 resistance zone, it could start a downside correction. Immediate support is near the $117,500 level. The first major support is near the $115,800 level or the 50% Fib retracement level of the upward move from the $108,636 swing low to the $123,140 high.

The next support is now near the $114,000 zone. Any more losses might send the price toward the $112,500 support in the near term. The main support sits at $110,500, below which BTC might continue to move down.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $117,500, followed by $115,800.

Major Resistance Levels – $120,500 and $122,000.