Bitcoin Drops 4% After Record High — Mixed Momentum Calls for Caution
I see Bitcoin pull back about 4% to $117,460 after a run to a $124,480 record high, a correction likely prompted by the latest inflation data. Price action shows the market is digesting gains rather than collapsing.
My read of the technicals is neutral: the RSI sits around mid-range and momentum indicators are mixed, so there’s no clear breakout or breakdown signal yet. I’m watching for follow-through on either side before committing more capital.
Analysis
Recommendation
I recommend watching price action and macro data closely; avoid initiating large positions until momentum confirms a clear direction or a decisive break of key support/resistance.
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.