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Bitcoin Pulls Back From All-Time High of $123,140 as Bulls Cash In—Time to Buy the Dip?

Bitcoin Pulls Back From All-Time High of $123,140 as Bulls Cash In—Time to Buy the Dip?

Published:
2025-07-15 12:18:16
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Bitcoin's meteoric rally hits a speed bump as profit-taking kicks in near record levels. The king of crypto briefly kissed $123,140 before retreating—classic bull market behavior or warning sign?

The profit-taking shuffle

Whales and retail traders alike are locking in gains after Bitcoin's historic run. This isn't panic selling—it's the market digesting its own success. The $123,140 peak now stands as both trophy and resistance.

What's next for BTC?

Technical analysts eye key support levels while permabulls scream 'buy opportunity.' Meanwhile, Wall Street fund managers suddenly remember they 'always believed in crypto'—just in time for their quarterly performance reports.

One thing's certain: volatility's back on the menu. Whether this is a healthy correction or the start of something bigger remains to be seen. After all, in crypto, the only guarantee is that someone's getting rekt.

Bitcoin Retreats From Record $123,140 High as Bulls Take Profits


What to Know:

  • Bitcoin reached a new all-time high of $123,140 after clearing the $116,500 resistance zone
  • The cryptocurrency is now consolidating near $118,500 and the 100-hour simple moving average
  • Technical indicators show momentum slowing, with the hourly MACD losing pace and RSI dropping below 50

Record-Breaking Rally Faces Technical Hurdle

The digital asset's ascent began after it successfully cleared the $116,500 resistance zone, gaining momentum as it pushed through both $118,000 and $120,000 levels. Bulls drove the cryptocurrency above the $122,000 resistance zone before establishing the new peak at $123,140.

However, the rally encountered resistance as the price moved below the 23.6% Fibonacci retracement level of the upward MOVE from the $108,636 swing low to the $123,140 high.

The cryptocurrency also broke below a bullish trend line with support at $119,800 on the hourly chart of the BTC/USD pair, according to data from Kraken.

The pullback has positioned Bitcoin near the 100-hour simple moving average, a closely watched technical indicator that often serves as dynamic support or resistance. Immediate resistance on the upside sits near the $119,550 level, while the first key resistance zone remains at $120,500.

If bitcoin manages to reclaim the $120,500 level, the next resistance target would be $122,000. A decisive close above $122,000 could propel the cryptocurrency toward the $123,200 resistance level, with potential gains extending toward $125,000 and ultimately targeting $130,000.

Downside Risks Emerge Amid Consolidation

Should Bitcoin fail to breach the $120,500 resistance zone, analysts warn of a potential downside correction. The immediate support level sits at $117,500, followed by the first major support at $115,800, which corresponds to the 50% Fibonacci retracement level of the upward move from $108,636 to $123,140.

Additional support levels have been identified at $114,000, with further losses potentially pushing the cryptocurrency toward $112,500 in the NEAR term. The main support zone remains at $110,500, below which Bitcoin could face additional downward pressure.

Technical indicators are showing mixed signals as the cryptocurrency consolidates. The hourly MACD is losing pace within the bullish zone, suggesting weakening upward momentum. Meanwhile, the Relative Strength Index (RSI) for BTC/USD has fallen below the 50 level, indicating potential bearish divergence.

Market participants are closely monitoring these technical levels as Bitcoin navigates between major support at $117,500 and $115,800, and resistance at $120,500 and $122,000. The cryptocurrency's ability to hold above key support levels will likely determine whether the current consolidation leads to another leg higher or a deeper correction.

Closing Thoughts

Bitcoin's retreat from record highs reflects typical market behavior following significant price advances. The cryptocurrency remains in a consolidation phase as traders assess the sustainability of recent gains and position themselves for the next directional move.

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