Bitcoin News Today: Bitcoin Consolidates Near $120,000 After 4% Pullback From All-Time High

Bitcoin's price has been steadily increasing, driven by strong retail sales data, lower-than-expected jobless claims, and a solid start to the earnings season. The cryptocurrency has been consolidating near the $118,000 mark, with analysts forecasting that Bitcoin could reach $150,000–$200,000 by early 2026. Some more aggressive models predict even higher prices, although these are not taken as actual content.

The crypto market cap hit a record high of $3.96 trillion, boosted by U.S. regulatory clarity that has increased investor confidence. Altcoins have surged over 10% amid this bullish sentiment. Bitcoin's recent pullback from its all-time high of $123,200 is viewed by many investors as a healthy correction rather than a sign of overheating. The slight decline has allowed the market to consolidate, with Bitcoin trading just under the $120,000 level.

The reaction to the vote from Bitcoin and other cryptoassets was muted, despite reaching a record high above $123,000 on Monday in anticipation of Crypto Week. This muted reaction suggests that the market is already pricing in positive regulatory developments. The recent performance of Bitcoin has shown strong momentum, but risk-adjusted returns have lagged due to slowing economic growth, labor market weakness, and higher inflation.

Bitcoin continues to maintain upward momentum despite a recent pullback from its all-time high. Whale deposits have declined, and stablecoin inflows have risen, indicating that investors are increasingly confident in the long-term prospects of Bitcoin. The slight pullback is viewed by many investors as a healthy correction rather than a sign of overheating. The slight decline has allowed the market to consolidate, with Bitcoin trading just under the $120,000 level.

The upcoming week is crucial for Bitcoin, as Federal Reserve Chair Jerome Powell is set to deliver key speeches that could provide further insights into the central bank's monetary policy. Investors will be closely watching Powell's remarks for any indications of changes in interest rates or other policy measures that could impact the crypto market. The recent pullback in Bitcoin's price has allowed the market to consolidate, with the cryptocurrency trading just under the $120,000 level. This consolidation is viewed by many investors as a healthy correction rather than a sign of overheating, and the market is expected to continue its upward momentum in the coming weeks.