Bitcoin Price Analysis: BTC Unlikely to Revisit ATH Before Testing $111K Support
2025-07-20 15:39:56
Main Idea
Bitcoin's bullish momentum has paused at the $123K level, with a potential corrective pullback to the $107K-$111K support zone expected before the next upward move.
Key Points
1. Bitcoin surged to a new all-time high (ATH) at $123K, reflecting strong market demand and investor confidence.
2. A corrective pullback toward the $107K-$111K Fibonacci retracement zone is anticipated before the next impulsive move.
3. On-chain data indicates increased Bitcoin inflows, suggesting ongoing profit-taking and weakening buy-side pressure.
4. The broader market structure for BTC remains bullish, with corrective pullbacks seen as part of a longer-term uptrend.
5. Consolidation in lower timeframes reflects ongoing profit realization, with a breakout above the wedge's upper boundary potentially signaling a continuation of the bullish trend.
Description
Bitcoin’s impulsive bullish leg has paused upon reaching the critical $123K level, signaling potential profit-taking and distribution. A corrective move toward the $111K support zone is now expected before the next leg higher. Technical Analysis By Shayan The Daily Chart After breaking above the previous all-time high at $111K and triggering a notable short squeeze, BTC surged to set a new ATH at $123K, a move underscoring strong market demand and investor confidence. However, the upward momentu...
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