Bitcoin slips from $123K peak, but here’s why bulls aren’t breaking

Key Points

1. Bitcoin surged to a record high of $123,000 before experiencing a swift correction due to short-term profit-taking.

2. On-chain data showed a significant inflow of over 3,000 BTC to exchanges, marking the most aggressive seller move since April.

3. Miners appear to anticipate further upside, as evidenced by a drop in the Miners’ Position Index to neutral-to-negative levels.

4. Technical indicators like the daily RSI and MACD suggest fading bullish momentum, though the long/short ratio still favors longs.

5. Analyst Nic Puckrin noted this rally differs from past peaks, with lower risk of cascading liquidations and absence of typical retail involvement signals.