🪙 Bitcoin Pulls Back After ATH
BTC hit $122,000+ ATH before slipping over 5%, now hovering near $116,800. Profit-taking kicked in as bulls paused after a record-high weekly close.
📊 What Caused the Dip?
Traders took profits at ATH—typical after big rallies.
Long-to-short ratio flipped negative, showing shorts gaining ground.
Fear & Greed Index near 70 signals greed, hinting at short-term pullback potential.
✅ Why It’s a Healthy Correction
Cools overheated signals for long-term strength.
On-chain SOPR data shows limited profit-taking—no capitulation.
Institutional buying and US regulatory progress (GENIUS, CLARITY Acts) maintain long-term confidence.
Macro backdrop remains bullish with expected rate cuts.
📌 Key Levels to Watch
Local support: $116,594–$116,892.
Possible rebound target: $118,500.
Risk level: drop to $115,260 if selling continues.
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