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>>Could Bitcoin be experiencing a necessary price correction before reaching new all-time highs?

Could Bitcoin be experiencing a necessary price correction before reaching new all-time highs?

crypthub

1 day ago

Recent Bitcoin Price Action

Bitcoin experienced a rejection at the $125K level, leading to a pullback towards the $120K region. This retracement appears corrective rather than impulsive, showing a healthy consolidation phase. Key support is aligned with the 100-day moving average and previous breakout levels. The Relative Strength Index (RSI) has also cooled down from overbought conditions.

Short-Term Technical Structure

The 4-hour chart reveals a "Three Drives" pattern, signaling potential buyer exhaustion after the breakout. A critical support zone has formed between $115K and $117K, overlapping with Fibonacci retracement levels. A rebound from this area could pave the way for another attempt to reach $123K - $125K.

Liquidation Dynamics and Future Outlook

Binance's liquidation heatmap highlights significant liquidations of leveraged short positions between $124K and $126K. New liquidity pockets have emerged around $118K–$120K, potentially attracting short-term price movement. Major institutional players are targeting liquidity concentrations above $126K, potentially driving Bitcoin towards $130K.