Bitcoin Dip Below $123,000: Watch for Support and Confirmation
I noticed Bitcoin briefly dipped below $123,000, a sign of intraday volatility and short-term profit-taking after recent gains.
I view this move as a potential test of nearby support rather than a clear trend reversal, but confirmation from volume and follow-through price action is necessary.
I’m watching the $120,000–$125,000 area for consolidation or a clean retest; I’d consider buying on confirmed weakness or otherwise wait for clearer setup.
Analysis
Recommendation
Watch price action closely. Consider a buy-on-weakness approach if support holds and buying volume increases, otherwise wait for consolidation or a clear breakout before initiating new positions.
Disclaimer
The Analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.