Bitcoin Uptrend Steady After $123K Peak Amid Pullback Risk
Bitcoin remains in a long-term ascending channel after clearing the $108K–$110K zone and hitting a new high near $123K. Technical analysis on the 4-hour chart reveals a developing Head and Shoulders pattern with a neckline at $116K–$117K; a confirmed break below could trigger a retracement toward the 0.618–0.786 Fibonacci zone around $111K–$112K. On-chain data shows a spike in miner outflows, while overheated funding rates and slowing spot momentum point to short-term caution. However, as long as Bitcoin holds above $108K and the channel’s lower boundary, the broader bullish trajectory toward $140K remains intact.
Bearish
The developing Head and Shoulders pattern and the risk of a break below the $116K–$117K neckline suggest a short-term pullback toward the Fibonacci support zone at $111K–$112K. Miner outflows, high funding rates, and slowing spot momentum reinforce caution. While the long-term ascending channel remains intact, traders should anticipate near-term bearish pressure before any renewed bullish move toward $140K.