Bitcoin Faces Resistance After Reaching New All-Time High of $124,000

Bitcoin is currently experiencing strong resistance after reaching a new all-time high of approximately $124,000. Analysts express caution due to signs of slowing momentum, which could indicate a potential market cycle peak. Key points include:

On-chain data reveals a Short-Term Holder Spent Output Profit Ratio (STH SOPR-7d) of 1.04, suggesting short-term holders are selling at a profit despite bearish speculation.
Historically, maintaining an SOPR above 1.00–1.02 supports continued price uptrends, with pullbacks typically attracting buying interest.
Analyst Axel Adler notes that moderate selling pressure exists as the current SOPR remains below previous peaks of 1.06–1.09.
Future price action depends on whether Bitcoin can surpass resistance levels and maintain buyer demand without significant corrections.

Market Dynamics and Support Levels

Bitcoin's recent test of the $124,000 high was followed by a swift rejection, bringing prices down to around $118,777. This indicates:

A failure to sustain momentum above the critical resistance level of $123,217.
Support is present above the 50-day moving average at approximately $115,194, with further support at 100-day and 200-day moving averages at $110,456 and $100,144 respectively.
A reclaiming of the $123,217 level could signal renewed bullish momentum, while falling below the 50-day MA may prompt a deeper retracement.

The next few days will be crucial for Bitcoin’s trajectory amidst this consolidation phase.