Bitcoin is consolidating near its highs, and yesterday’s candle marked the **highest daily close in BTC’s history**, settling just below \$120,000. That’s a major technical milestone and a clear sign of strength in the ongoing trend.
While today’s price action has pulled back slightly – down about 1.19% at the time of writing – BTC remains firmly above the key support zone at \$112,000. This level, once resistance, has now flipped to support after a sharp breakout in mid-July. As long as BTC holds above it, the bullish structure remains intact.
Volume has cooled slightly since the breakout, but the recent candles show healthy consolidation rather than weakness. The 50-day moving average continues to trend upward, currently sitting just above \$108K – offering dynamic support for any deeper retracements.
The next key level to watch is the all-time high wick around **\$123,231**. A breakout above that zone would likely trigger another leg higher, possibly into price discovery. But even without immediate upside, the market appears to be digesting gains in a constructive way.
In short: **highest daily close ever**, bullish structure intact, consolidation healthy. Momentum is cooling, but the setup still favors the bulls.
While today’s price action has pulled back slightly – down about 1.19% at the time of writing – BTC remains firmly above the key support zone at \$112,000. This level, once resistance, has now flipped to support after a sharp breakout in mid-July. As long as BTC holds above it, the bullish structure remains intact.
Volume has cooled slightly since the breakout, but the recent candles show healthy consolidation rather than weakness. The 50-day moving average continues to trend upward, currently sitting just above \$108K – offering dynamic support for any deeper retracements.
The next key level to watch is the all-time high wick around **\$123,231**. A breakout above that zone would likely trigger another leg higher, possibly into price discovery. But even without immediate upside, the market appears to be digesting gains in a constructive way.
In short: **highest daily close ever**, bullish structure intact, consolidation healthy. Momentum is cooling, but the setup still favors the bulls.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
info@thewolfoallstreets.io
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.