Bitcoin Retreats After Hitting Record High — Drops Below $120K
TradingKey – On Tuesday, July 15, Bitcoin (BTC) reversed sharply after reaching a new all-time high of $123,218 the previous night. At press time, BTC is trading at $118,871, slipping below the $120,000 threshold, with its market cap briefly touching $2.44 trillion.
Bitcoin Price Chart – Source: CoinMarketCap.
According to CryptoQuant analyst Tarek J, the pullback is not driven by negative news but rather by profit-taking behavior. He noted that such reversals often signal a local top, potentially leading to short-term consolidation or correction.
However, Greeks.live macro strategist Adam offered a different view. He emphasized that bullish sentiment remains strong, with many traders eyeing $130,000 as the next resistance level.
Still, technical indicators like RSI and MACD suggest overbought conditions, and bearish signals are emerging. A correction toward $110,000 could be on the horizon.
Bitcoin Price Chart – Source: TradingView.
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