BTC’s $123.1K Peak Signals Local Top – Warnings of Pullback

Crypto Journalist

Anas Hassan

Crypto Journalist

Anas Hassan

About Author

Anas is a crypto native journalist and SEO writer with over five years of writing experience covering blockchain, crypto, DeFi, and emerging tech.

Share

Last updated: 

July 20, 2025

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas – from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Bitcoin’s recent peak at $123,100 has triggered warnings of a potential local top as on-chain metrics signal overextension.

The cryptocurrency quickly retraced 6% to around $115,700 after hitting the all-time high, with advanced NVT signals crossing above historical red deviation bands that typically coincide with cycle peaks.

The current bull market’s largest pullback remains only 23.48%, well below previous cycle corrections of 30-80%, indicating the underlying trend structure remains healthy despite short-term overextension signals.

Technical analysis reveals that Bitcoin is consolidating within a symmetrical triangle pattern, with support between $116,000 and $117,000 and descending resistance around $120,000.

Triangle Consolidation Tests $125,000 Breakout

Bitcoin’s 4-hour chart indicates consolidation within a symmetrical triangle pattern, with the apex approaching around $117,837.

The formation creates compression between descending resistance and ascending support at $116,000-$117,000, building energy for eventual directional resolution.

This coiling effect typically precedes a significant expansion of volatility.

A bullish breakout above the red trendline would likely trigger a move toward $125,000, representing approximately a 6% upside from current levels.

Conversely, a breakdown below the green support level could drive prices toward $111,000, marking a roughly 6% downside risk.

The symmetrical nature suggests neither bulls nor bears have gained decisive control.

Multiple-layered support zones provide cushioning for potential declines, with institutional buying historically emerging at these levels.

The eventual breakout direction becomes crucial for determining near-term momentum and validating either continuation or correction scenarios.

Global Liquidity Cycle Enters Distribution Phase

According to Merlijn The Trader, Bitcoin’s correlation with the global M2 money supply reveals that the cryptocurrency has transitioned into “Distribution” territory from its previous “Accumulation” and “Manipulation” phases.

This macro framework suggests that while liquidity expansion continues supporting Bitcoin’s advance, explosive gains may become more measured and volatile as the cycle matures.

Complex Fibonacci analysis has also projected Bitcoin’s cycle peak timing toward October, suggesting a more extended timeline than immediate parabolic acceleration.

The $133,665 – $151,539 resistance zone represents ultimate targets, but the path involves multiple consolidation phases rather than linear advance.

Current levels around $117,000-$118,000 correspond to substantial volume clusters where institutional accumulation and distribution have occurred.

This technical congestion creates multiple layers of support and resistance that require patience to navigate effectively during the Distribution phase.

Best Wallet: Final Opportunity to Secure $BEST Tokens

Best Wallet’s $BEST token presale is approaching its final phase, offering one last chance for investors to secure positions before the allocation is sold out permanently.

The token offers reduced fees, early access to presales, and staking rewards, which are perks rare in projects.

$BEST token holders unlock multiple revenue streams through the expanding ecosystem.

Reduced trading fees and priority access to new project launches become increasingly valuable as Bitcoin approaches cycle peaks and altcoin opportunities multiply.

The token’s utility extends beyond basic wallet functions. Best Wallet’s version 2.5.1 introduced full Bitcoin support alongside 60+ blockchain compatibility, providing secure non-custodial storage during uncertain market periods.

Integration with the Rubic exchange aggregator enables optimal swap rates across 200+ DEXs, which is essential for portfolio rebalancing as Bitcoin tests key resistance levels.

The platform’s upcoming crypto-backed debit cards and advanced trading tools position users for the next phase of the cycle.

With Bitcoin potentially reaching $125,000+ or facing $111,000 correction risks, having exposure to both secure storage infrastructure and the underlying $BEST token creates diversified opportunities.

The presale’s limited remaining allocation and approaching completion create a final window for early adopter advantages.

Explore new destinations with ease using the Garmin Drive 52 GPS Navigator! With over 17,988 ratings and a solid 4.4/5-star rating, this GPS system has been a top choice for travelers. Over 500+ units were bought in the past month, all for only $144.99.

This 5″ GPS navigator comes with essential driver alerts, real-time travel data, and external memory storage. The simple on-screen menus and bright, easy-to-see maps make it easy to navigate wherever you are. Plus, it’s road trip-ready with The HISTORY Channel database, featuring notable historic sites and much more to enhance your journey.

Don’t miss out—get your hands on the Garmin Drive 52 today for a smoother ride ahead! Buy Now for $144.99 on Amazon!

Help Power Techcratic’s Future – Scan To Support

If Techcratic’s content and insights have helped you, consider giving back by supporting the platform with crypto. Every contribution makes a difference, whether it’s for high-quality content, server maintenance, or future updates. Techcratic is constantly evolving, and your support helps drive that progress.

As a solo operator who wears all the hats, creating content, managing the tech, and running the site, your support allows me to stay focused on delivering valuable resources. Your support keeps everything running smoothly and enables me to continue creating the content you love. I’m deeply grateful for your support, it truly means the world to me! Thank you!