Bitcoin Price Analysis has been the focus of market enthusiasts as BTC approaches a pivotal point. Recently, Bitcoin has been trading near its all-time high of $123K, a critical resistance zone that could either propel it to new heights or prompt a temporary pullback.
Technical Analysis: Bitcoin’s Current Trajectory
On the daily chart, Bitcoin has maintained a robust bullish pattern, consistently achieving higher highs and higher lows within a defined ascending price channel. This pattern was reinforced as Bitcoin rebounded sharply from the channel’s lower boundary around $112K, sparking a rally towards the critical $123K resistance level.
This resistance zone, identified as a key supply area, is where market participants might engage in profit-taking, potentially leading to a brief consolidation. However, clearing this barrier could set Bitcoin on a path toward the highly anticipated $130K mark.
Short-Term Movements and Potential Retracements
In the 4-hour chart, Bitcoin’s recent surge past the $112K flag support confirmed a bullish continuation pattern. As BTC now tests the all-time high zone, a struggle between sellers and buyers has ensued. A failure to break above $123K might trigger a corrective move, revisiting the $116K–$117K region, which aligns with the 0.5 to 0.618 Fibonacci retracement levels.
Conversely, achieving a breakout above the $123K level could initiate a short-squeeze, accelerating Bitcoin’s ascent toward new resistance levels and potentially reaching the $130K target.
On-Chain Analysis: Retail vs. Whale Activity
Recent on-chain data indicates a shift in market dynamics, with retail traders gaining a more prominent role. The metric measuring average order size in BTC futures markets shows a transition from whale-dominated activities to increased retail participation. This trend is marked by the emergence of red clusters, suggesting smaller trades are now more prevalent.
Previously, whale dominance was evident near market peaks, often leading to distribution phases. However, since late Q2 2025, there has been a noticeable decline in whale activity, indicating that large-scale investors might be holding positions or awaiting better entry points. This situation positions Bitcoin for a potential bullish breakout, barring any significant whale-induced sell-off.
Conclusion: As Bitcoin inches closer to its all-time high, market participants are keenly observing the resistance at $123K. Breaking through this level could propel BTC to $130K, fueled by both technical and on-chain momentum. Yet, vigilance remains essential, as market dynamics can shift swiftly with renewed whale activity.
