Bitcoin $124.45K ATH–Onchain Strength vs Technical Pullback
Bitcoin surged to an Asian session high of $124,450 before retracting to around $121,670. Onchain metrics remain bullish: funding rates and short-term capital inflows are below previous peaks, and the Spent Output Profit Ratio (SOPR) shows limited profit-taking. CoinGlass bull market indicators even point to a potential $187,000 target. However, technical analysis warns of a short-term pullback. The daily chart shows a 9th TD sell setup, bearish RSI divergence and a rising wedge—signals that have preceded retracements in past rallies. Traders face mixed cues: onchain strength supports further upside, while RSI overbought levels and wedge patterns suggest caution. Short-term traders should watch RSI retracements, funding rate shifts and key support levels for volatility opportunities. In the longer term, Bitcoin’s trend remains underpinned by growing institutional adoption and expanding money supply.
Neutral
While Bitcoin’s all-time high and robust onchain metrics—such as moderate funding rates and a restrained Spent Output Profit Ratio—signal sustained bullish momentum, technical indicators underscore a short-term correction risk. Overbought RSI levels, a ninth TD sell setup and a rising wedge formation have historically preceded pullbacks. Consequently, traders may see heightened volatility as the market digests these opposing forces. Over the longer term, growing institutional adoption and money supply expansion support further gains. Given this balance between bullish onchain fundamentals and bearish technical signals, the net impact on Bitcoin price is neutral, offering both upside potential and pullback opportunities for traders.