Bitcoin Price Analysis: Is a Correction Coming or Will BTC Break $120K Next?
2025-07-12 14:34:18
Main Idea
Bitcoin has surged past its previous all-time high of $111K, approaching the $120K mark, but faces potential short-term correction due to profit-taking and distribution pressure.
Key Points
1. Bitcoin broke above its previous all-time high of $111K, triggering a bullish rally toward $120K.
2. The $120K zone is a probable area for profit-taking and distribution, which may lead to a short-term corrective phase.
3. A healthy retracement could target Fibonacci levels between $111K and $113K, where the market may stabilize for further upward movement.
4. The Short-Term Holder SOPR metric indicates limited profit-taking compared to historical peaks, suggesting the bullish cycle may not yet be over.
5. Despite the rally, traders should be cautious of potential corrections as Bitcoin tests key resistance levels.
Description
Bitcoin has decisively broken above its previous all-time high of $111K, triggering a powerful bullish rally toward the key $120K psychological resistance. However, as BTC approaches the $120K zone, profit-taking and distribution pressure may rise, increasing the likelihood of a short-term corrective pullback. Technical Analysis By ShayanMarkets The Daily Chart After a prolonged consolidation phase, Bitcoin has decisively broken above its previous all-time high of $111K. This breakout was backed...
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