Bitcoin is set for a deeper pullback as BTC hits this final resistance

Bitcoin’s ( BTC ) explosive rally, which saw the asset hit a record high above $125,000, appears to be losing steam after reaching its final resistance ￰0￱ per an outlook by prominent online cryptocurrency analyst TradingShot , Bitcoin’s current state signals a potential short-term correction before the next major ￰1￱ projection is based on the technical formation where Bitcoin was rejected at the higher highs trendline around $126,000 that has guided price action since July ￰2￱ same trendline has repeatedly acted as resistance, marking the peaks of previous rallies within Bitcoin’s ongoing three-month consolidation ￰3￱ price analysis.) once again shows a bearish divergence, where momentum forms lower highs while Bitcoin’s price makes higher highs, a sign of weakening buying strength and a potential market ￰4￱ a technical standpoint, the correction could extend toward the 0.382 Fibonacci retracement level, near $119,500.

This area has served as the minimum retracement level for all previous pullbacks within the consolidation ￰5￱ Bitcoin can eventually break above this final resistance, it would confirm a technical bullish breakout and likely mark the start of a new upward ￰6￱ price analysis Meanwhile, Bitcoin has corrected by almost 2% in the past 24 hours, settling at $122,597 as of press time, while in the past week, the maiden digital currency is up 5%. Bitcoin seven-day price chart.). Featured image via Shutterstock