Bitcoin May Find Support Near $113,000 Amid Post-All-Time High Correction, Charts Suggest

Key Points

1. Bitcoin's price correction follows a new all-time high of $123,218, with potential support near $113,000, aligning with an inverse head-and-shoulders pattern.

2. The 20-day exponential moving average (EMA) at approximately $112,390 and the RSI suggest bullish potential if support levels hold.

3. Institutional and retail demand is strong, with treasury companies purchasing over 159,000 BTC in Q2 and smaller holders acquiring around 19,300 BTC monthly.

4. Short-term volatility is indicated by Bitcoin dipping below the 20-EMA on the 4-hour chart, with resistance potentially leading to further declines toward $110,530–$113,000.

5. A rebound above the 20-day EMA could push Bitcoin toward $150,000, while a break below $110,530 may lead to a deeper correction to $105,000.