Bitcoin Price Analysis: BTC Looking at a Pullback to $118K Before Next Major Leg Up

Bitcoin has broken above its ATH at the $125K region, signaling strong momentum. Nevertheless, the market is now entering a decisive phase, where consolidation or a short-term retracement could shape the next significant directional ￰0￱ Price Analysis: Technicals By Shayan The Daily Chart On the daily timeframe, BTC has successfully broken above the flag pattern that confined price action since July, confirming a strong trend ￰1￱ move above the upper boundary coincided with a surge in momentum that carried the price into the previous supply zone around $124K–$126K, where sellers have started to show mild ￰2￱ bullish structure remains intact, supported by the golden cross between the 100-day and 200-day moving averages, which continue to act as dynamic support ￰3￱ long as the price sustains above $120K, the broader uptrend remains valid, and a clean daily close above $126K could open the path toward $130K–$132K in the short term.

However, failure to hold above $120K may trigger a healthy retracement toward the mid-range support near $115K, which aligns with the breakout structure and the 0.618 Fibonacci retracement.). This zone serves as a short-term re-accumulation area, and holding above it would confirm continued bullish ￰4￱ market is currently consolidating near a liquidity-dense area, suggesting that a brief pullback could attract renewed buying interest before the next leg ￰5￱ the price fails to defend the $118K breakout block and the $113K-$115K Fibonacci range, the next key demand lies around $ 109K–$110 K, where strong buying previously initiated the breakout.