BTC Price Pullback Near $113K Tests Support, Targets $150K
BTC price hit a fresh all-time high of $123,218 before pulling back 4.3% to trade near $116,000–$113,000 as profit-taking accelerated.
On-chain data shows Bitcoin accumulator addresses purchased 248,000 BTC in a single day, institutions bought 159,107 BTC in Q2 and retail holders added 19,300 BTC monthly, outpacing post-halving supply. CryptoQuant warns that forced selling by long-term holders could deepen the correction.
Chart analysis reveals BTC price testing the inverse head-and-shoulders neckline at $113K. A Gravestone Doji and overbought Bollinger Bands signal risk, with key support at the 20-day EMA ($112,390) and the $111,000 demand zone.
Failure to hold $115K–$113K could expose moving averages near the 50-day SMA ($107,794) and a slide to $105,000. A rebound from the 20-day EMA may fuel a rally back above $123,218 toward $150,000. Traders should watch liquidation clusters at $114K–$117K and profit-taking pressure for near-term trends.
Neutral
In the short term, the BTC price pullback after an all-time high reflects profit-taking and heightens volatility around key support zones. Technical indicators such as the Gravestone Doji, overbought Bollinger Bands, and leverage clusters between $114K–$117K suggest potential further downside towards the 20-day EMA at $112,390 or the 50-day SMA near $107,794 if the $113K–$115K zone fails to hold. However, strong on-chain accumulation by institutions and retail holders, coupled with resilient demand from long-term addresses, underpins a potential rebound above $123,218 and targets up to $150,000. This blend of risk and underlying strength points to a neutral market impact, as traders balance pullback opportunities with the prospect of renewed upside.