Bitcoin’s Minor Pullback from $123K ATH, Bullish Pennant Indicates $137K Target in Line

Key Points

1. Bitcoin (BTC) is retracing after consolidating near $117,000, trading just above $118,000, following a recent all-time high of $123,000.

2. A bullish pennant pattern suggests a potential continuation of the upward trend, with traders anticipating a breakout that could push BTC to $137K.

3. Last week’s rally was fueled by optimism around U.S. crypto legislation, signed into law by President Trump, reflecting institutional rather than retail-driven growth.

4. 58 companies accumulated 7.7k BTC in one week, with 4 new treasuries launched and 21 companies adding significant amounts, indicating strong institutional interest.

5. Nearly 98% of BTC addresses are currently in profit, and large transactions totaled $236.5 billion in the past seven days, highlighting continued bullish sentiment.