Bitcoin has corrected from its all-time high near $123,000, retracing into a key support zone marked by strong technical confluence. This area now holds the potential to act as a launchpad for a renewed move toward the highs, if it holds.

After reaching a fresh all-time high around $123,000, Bitcoin Bitcoin

btc

-1.92%

Bitcoin has entered a corrective phase, typical after extended bullish rallies. The pullback, however, appears to be technically healthy and has now brought price into a critical support zone. With multiple technical indicators aligning in this region, bulls will be watching closely to see if this correction transitions into a new leg higher within the current trading range.