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Bitcoin is facing a pivotal moment as it hovers just below the $123,000 all-time high. While bulls remain in control, price action has stalled beneath this key resistance, exposing a lack of decisive momentum. After a strong 20% rally since late June, the market now waits for a breakout confirmation to extend the uptrend.

Sentiment remains overwhelmingly bullish, driven by increased adoption, legal clarity in the US, and favorable macroeconomic developments. However, recent on-chain and exchange data show a noticeable decline in spot buying pressure. This divergence between sentiment and real demand suggests that bulls may be hesitating to enter at current levels, possibly due to expectations of a correction or profit-taking near the highs.

The price structure remains bullish as long as BTC holds above the $115K support zone, but the inability to break $123K raises concerns about a possible short-term reversal or continued sideways action. For now, Bitcoin’s trend remains intact, but a clear surge in volume and buying activity will be required to reclaim new highs and maintain bullish momentum.

Bitcoin Sentiment Stays Bullish, But Buying Pressure Fades

Top crypto analyst Axel Adler recently shared an update on the Bitcoin Advanced Sentiment Index, offering key insights into the current market psychology. According to Adler, the index currently reads 64%, signaling that sentiment remains solidly bullish. However, he noted a critical caveat: while the market leans toward buying, bulls appear to lack the aggression needed to push Bitcoin decisively above its all-time high of $123,000.

This hesitation is consistent with what’s unfolding in the charts. After a sharp rally of over 20% since late June, Bitcoin is now consolidating in a tight range between $115K and $120K. While this structure suggests strength, the lack of follow-through buying at higher levels reflects caution among investors. It appears that market participants are waiting for a clear catalyst before positioning more aggressively.

The current compression in price action could precede a large move, as periods of low volatility at elevated levels often do. Traders should prepare for a breakout in either direction. While the overall trend and sentiment favor upside continuation, the possibility of a correction remains in play, particularly if sentiment begins to fade or macro conditions shift unexpectedly.

BTC Consolidates Near All-Time Highs

The daily chart shows Bitcoin consolidating just below its all-time high of $123,000, trading at $118,636 at the time of writing. The recent price action suggests strong bullish control, but the lack of a decisive breakout above the $122,077 resistance has introduced short-term uncertainty. The structure remains clearly bullish, with BTC forming higher highs and higher lows since the rebound from the March lows near $97,000.

Notably, Bitcoin is holding well above the 50-day ($109,225), 100-day ($103,913), and 200-day ($97,949) moving averages. These levels now serve as layered support, reinforcing the long-term bullish trend. The ongoing consolidation above $115,724 suggests that bulls are defending this zone with conviction.

However, volume has not followed through as strongly during this consolidation phase, a sign that some market participants are waiting for confirmation before committing new capital. If BTC breaks above $122,077 with strong volume, it could trigger a breakout and price discovery toward higher levels. On the flip side, a break below $115,724 could lead to a deeper retracement toward the 50-day MA.

Featured image from Dall-E, chart from TradingView

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Bitcoin price started a fresh increase from the $78,000 support zone. BTC must clear $95,000 to continue higher in the near term.

• Bitcoin started a fresh increase above the $90,000 resistance zone.
• The price is trading above $92,000 and the 100 hourly Simple moving average.
• There is a connecting bullish trend line forming with support at $89,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another decline if it fails to stay above the $87,000 zone.

Bitcoin Price Rallies Over 10K

Bitcoin price extended losses below the $80,000 level before the bulls appeared. BTC traded as low as $78,011 and recently started a strong increase. There was a move above the $85,000 and $88,000 resistance levels.

The price surged over 10% and cleared the $90,000 level. It tested the $95,000 resistance. A high was formed at $95,000 and the price is now consolidating gains. It is trading near the 23.6% Fib retracement level of the upward move from the $84,500 swing low to the $95,000 high.

Bitcoin price is now trading above $92,000 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $89,750 on the hourly chart of the BTC/USD pair. On the upside, immediate resistance is near the $94,000 level. The first key resistance is near the $95,000 level.

The next key resistance could be $96,500. A close above the $96,500 resistance might send the price further higher. In the stated case, the price could rise and test the $98,500 resistance level. Any more gains might send the price toward the $100,000 level or even $100,500.

Are Dips Supported In BTC?

If Bitcoin fails to rise above the $95,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $92,000 level. The first major support is near the $90,000 level.

The next support is now near the $88,500 zone and the 50% Fib retracement level of the upward move from the $84,500 swing low to the $95,000 high. Any more losses might send the price toward the $87,000 support in the near term. The main support sits at $85,500.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $92,000, followed by $90,000.

Major Resistance Levels – $94,000 and $95,000.