Bitcoin: Healthy Consolidation — Buy on Weakness toward $118k–$120k

I view the current price action as constructive consolidation at all-time high altitude rather than the start of a downtrend. Elevated but controlled volatility, healthy ETF inflows and the Treasury’s Strategic Bitcoin Reserve policy support the scarcity narrative.

Technically, key support sits between $118,000 and $120,000 with resistance near the recent peak around $124,000. Macro prints (hot PPI) can trigger episodic pullbacks that reset funding and sentiment but are unlikely to negate the uptrend unless macro deteriorates materially.

I would look to accumulate on weakness near the $118k–$120k range, monitor ETF flows and policy signals, and use disciplined stops given elevated volatility.