Bitcoin (BTC) is currently , down 1.10% in the past 24 hours. It is a pullback from the strong support levels it maintained above $118,000 in recent sessions. Despite the daily decline, Bitcoin continues to dominate the crypto landscape with a market capitalization of $2.33 trillion. The token has a trading volume of $70.81 billion.
The current price action suggests is entering a consolidation phase after reaching recent peaks near $122,000-$123,000. Srinivas L, CEO, 9Point Capital, commented,”
With consolidation near recent highs, we believe the path of least resistance remains upward. Investors should stay positioned for a breakout towards $127K and beyond, as long-term fundamentals and institutional demand remain firmly intact.”
Technical analysis indicates that while short-term volatility is expected. Strong support is established at the $118,000 level. Although a brief correction toward $110,000 remains possible during periods of market uncertainty.
