Bitcoin Price Analysis: Key Factors Point to a BTC Correction Ahead
Main Idea
Bitcoin is undergoing a corrective phase after reaching resistance at $123K, with potential further pullback to key Fibonacci levels, while altcoins may see increased interest as capital rotates.
Key Points
1. Bitcoin has entered a corrective phase, likely driven by profit-taking and distribution among investors, with a potential pullback toward the $107K–$111K Fibonacci retracement zone.
2. A crucial support zone for Bitcoin is between $113K and $116K, aligned with the 0.5–0.618 Fibonacci retracement levels; failure to hold could lead to a deeper correction toward $111K.
3. Bitcoin has seen its largest net inflow to exchanges since July 2024, indicating increased distribution and profit-taking, which historically precedes deeper corrections.
4. As Bitcoin cools off, capital may rotate into the altcoin market, suggesting a shift in investor focus toward alternative assets.
Description
Bitcoin has entered a sideways corrective phase, with investors taking profits and rotating capital into the altcoin market. As BTC cools off, the stage may be set for a potential altcoin rally in the coming days. Technical Analysis By ShayanMarkets The Daily Chart After facing strong resistance at the $123K level, Bitcoin has entered a corrective phase, likely driven by profit-taking and distribution among investors. Historically, when BTC cools down at its all-time high prices, capital often r...
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