Bitcoin Pulls Back to $118K — Trend Intact but Fed Risk to Test Support

I see Bitcoin pulling back to $118,300 after a fresh high near $124,480, a modest 4.1% retracement that looks like profit-taking rather than a trend reversal.

Technically the momentum reads neutral, but the larger bullish structure remains intact; near-term direction will likely hinge on Fed policy signals and whether support holds around current levels.

I’ll be watching price action for confirmation before adding exposure — a clean break lower or a failure to reclaim recent highs would change my view.