Bitcoin profit taking sets traders’ buy target at $113K: Will a rally to new highs follow?
2025-07-15 18:16:37
Main Idea
Bitcoin's price correction after reaching a new all-time high suggests profit-taking, with potential buyer interest around $113,000, supported by technical indicators and demand from smaller Bitcoin holders.
Key Points
1. Bitcoin pulled back after hitting a new all-time high of $123,218, indicating profit-taking at higher levels.
2. Technical analysis suggests potential buyer support near $113,000, with the 20-day exponential moving average ($112,390) and RSI indicating buyer advantage.
3. Demand from smaller Bitcoin holder groups (Shrimp, Crab, Fish) exceeds the new monthly supply, with 19,300 BTC per month compared to 13,400 BTC.
4. A break below the 20-day EMA could lead to further declines toward the 50-day SMA ($107,794), while a rebound could push BTC/USDT above $123,218.
Description
Bitcoin’s post-all-time high sell-off is par for the course, and charts suggest buyers could step in around $113,000.
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