Bitcoin Price Analysis: Correction After Historic Peak, Is There a Chance to Rise Again?

Bitcoin has recently started a downward correction after reaching a new historical peak around the level of 123,200 USD. Currently, BTC is trading below the 120,000 USD mark and shows signs of Accumulation in the support zone, waiting for clearer signals to determine the next direction. ✅ Recent developments in BTC price After establishing a new peak at 123,200 USD, Bitcoin could not maintain the upward trend and quickly adjusted below important support zones such as 122,000 USD and 120,000 USD. During the adjustment process, the price of BTC broke through the 23.6% Fibonacci Retracement ( from the low of 108,636 USD to the peak of 123,140 USD), however, the selling pressure was not strong enough to push the price down further. BTC found solid support at the zone of 115,800 USD, indicating that the buyers still have some control. 📊 BTC/USD Technical Analysis (Timeframe: 1 hour) The price is currently trading below 119,500 USD and below the simple moving average 100 hours (SMA 100). A bullish price channel is forming, with key support at 118,200 USD. The immediate resistance level is at 119,200 USD, followed by 119,500 USD and 120,000 USD. If BTC can close above 120,000 USD, there is a high likelihood that the price will continue to rise to levels: 121,200 USD 122,000 USD and the main target is 123,200 USD ( the most recent historical peak ). ❌ Negative scenario: If BTC does not exceed 120,000 USD In the event that Bitcoin fails to break the resistance of 120,000 USD, selling pressure may increase and push the price back to test the support zones: Nearest support: 118,200 USD (upward trend line)Next important support: 116,500 USDStrong support zone: 115,500 USDIf this level is lost, it is highly likely that BTC will fall to 113,500 USD or even 110,500 USD in the short term. 🔎 Current technical indicators MACD ( 1 hour frame ): is gradually losing downward momentum, which could signal a reversal if the bullish crossover returns. RSI ( Relative Strength Index ): is currently below 50, indicating that the current trend still favors the bears. 🧠 Conclusion The market is currently in a technical correction phase after a heated rally. If BTC holds above the support zone of 118,200 – 115,500 USD, the chance of a rebound is very high, especially when the resistance at 120,000 USD is decisively broken. However, investors need to closely monitor the price action around the 118,200 USD zone, as if this support is breached, BTC may enter a deeper fall in the short term. 📌 Levels to watch: Support: 118,200 – 115,500 – 113,500 – 110,500 USDResistance: 119,500 – 120,000 – 121,200 – 123,200 USD