Bitcoin Price Correction 12%; Long-Term Holders Steady
Bitcoin price correction of 12% from its $124,128 all-time high is primarily driven by short-term selling, according to CryptoQuant. Last week, speculators repeatedly took profits near the $120,000 resistance on Binance, causing BTC to dip to around $108,000 before bouncing back to approximately $110,000. Despite this pullback, long-term holders maintained low selling ratios, demonstrating confidence in the ongoing bull market. CryptoQuant’s analysts Arab Chain and Darkfost note that the 12% drawdown falls within typical retracement ranges for this cycle and serves to reset leverage and provide new entry points. Technical indicators show a bearish MACD and neutral RSI near 43, while the supportive 200-day moving average points to a broader bullish trend. This Bitcoin price correction is viewed as a healthy market reset rather than a trend reversal. A sustained hold above $110,000 could pave the way for a retest of $115,000–$120,000, whereas a breach of the $108,000 support may lead BTC toward $104,000.
Bullish
This news is classified as bullish because the 12% Bitcoin price correction aligns with historical mid-cycle drawdowns that have preceded significant rallies. The pullback was driven by short-term profit-taking, while long-term holders held their positions, indicating sustained demand and confidence in the bull market. Similar retracements in past cycles—such as the 28% correction in March 2024—led to renewed upward momentum. On-chain data and a supportive 200-day moving average further reinforce the view that Bitcoin is poised to resume its uptrend. Traders are likely to interpret this correction as a buying opportunity, boosting trading activity and underpinning long-term market stability.