Bitcoin Price Drops Below $120,000 as Profit-Taking Begins
Bitcoin (BTC) is currently trading at approximately $115,557 after retracing from a peak of over $124,000 last week. This represents a 2.5% decline in the past 24 hours and nearly 7% below its recent high.
Key observations include:
- Market consolidation following the recent price rally.
- Profit-taking observed among long-term holders, yet current selling levels remain below historical highs from previous bull markets.
- The Long-Term Holder (LTH) analysis indicates BTC is within a 150%–350% profit band, suggesting potential for further growth but increasing market top risks as it approaches higher bands.
Market Analysis
PelinayPA's analysis suggests:
- Controlled profit-taking may limit short-term upside momentum.
- Potential price advance into the $124,000–$178,000 range if accumulation continues.
- Intensified long-term holder selling could indicate a nearing cycle top, with possible peaks above $150,000 before corrections.
- No new bottom alerts suggest the market remains in the later stages of the current bull cycle, not transitioning to a bear market.
