Bitcoin reached a high of $123,000 but has recently shown signs of cooling. Traders have begun locking in profits, raising questions about future dynamics.
Run to $123,000 Record
After a sustained rise, Bitcoin temporarily reached $123,000. At that moment, an increase in inflows to exchanges was observed, often linked to profit-taking by traders. This trend raises questions about whether Bitcoin may enter a consolidation phase or if it is merely a brief pause before another upward move.
Exchange Money Flow Dynamics
According to analysis from Terekonchain, there was an increase in inflows to exchanges following the record high. Such movements are typically associated with actions by large investors and short-term holders cashing in profits. Nevertheless, the ongoing bullish trend and lack of significant outflows from institutional wallets indicate the possibility of a temporary correction.
Miner Behavior Analysis
According to a parallel analysis by Arab Chain, miners’ activity also supports a bullish position. When miners reduce activity or hold onto their assets, it may indicate their confidence in further price increases. As the cost of mining is lower than market prices, miners do not feel the need to sell, which helps reduce overall selling pressure.
Currently, Bitcoin is trading at $117,153, and despite recent declines of nearly 4%, the bullish trend remains intact. Traders are closely monitoring for potential signals for a deeper correction or new momentum in the next move.
