Bitcoin Rejected at $123K, Bearish Shift Risks Altcoins
After surging to a $122,838 all-time high on July 14, Bitcoin price faced sell-off at the second Alpha Price resistance around $123,370. On-chain data shows investors defending profits at that level, and a large whale transfer on July 17 added to the pressure.
Hourly chart analysis on TradingView revealed a bearish Quasimodo Level (QML) in the $119,000–$121,000 zone. Bitcoin’s failure to reclaim this zone confirmed a bearish market structure. Immediate support lies at $116,000, with a deeper pullback to $113,600 possible if the QML zone remains out of reach.
This bearish outlook also weighs on altcoins. XRP, after peaking at $3.65, is correcting toward $3.45. Ethereum climbed above $3,600 and is now consolidating near $3,500. A drop below $116,000 may trigger broader liquidations across the crypto market.
Traders should monitor Bitcoin price action around the $116,000 and $113,600 support levels. A decisive break above $123,370 is needed to restore bullish momentum and target a potential rally toward $143,000.
Bearish
Bitcoin’s repeated rejections at key resistance levels, combined with on-chain whale activity and a confirmed bearish Quasimodo structure, suggest short-term downside risk. Failure to reclaim the $119K–$121K zone has shifted market structure to bearish, making a pullback to $116K or even $113.6K more likely. Altcoins, often correlated with Bitcoin, may face increased selling pressure, reinforcing a cautious outlook until Bitcoin retakes critical resistance near $123.37K.