Bitcoin News Today: Bitcoin Pulls Back 15% After All-Time High, Tests Key Support

Bitcoin has experienced a significant price movement, retesting key support zones after rallying above a major resistance level. The cryptocurrency initially surged to a fresh all-time high near $138,000 before dropping to $117,271, indicating a short-term technical pullback. This pullback aligns with the 0.5 and 0.618 Fibonacci retracement zones around $115,469 and $113,600 respectively, which are crucial support levels for traders.

The Relative Strength Index (RSI) has also shown signs of cooling off, with a reading near 49.32 signaling neutral momentum. This suggests that the market is seeking fresh momentum after an overbought period. Traders are now closely watching these support zones to see if Bitcoin can bounce back toward $124,000 or higher. The Fibonacci zones at $115,469 and $113,600 have held firm, providing a strong foundation for a potential rebound.

Bitcoin's recent surge through a long-term resistance level, marked by a thick orange line, has now consolidated below $124,000. This area is now acting as a retest zone, aligning with Fibonacci levels commonly used to gauge short-term corrections. The price action remains above the 0.5 Fibonacci level, which historically holds during bullish corrections. Traders are watching closely to see if the $113,600 level—being the 0.618 zone—will act as a floor if the price dips further.

The breakout above the all-time high occurred shortly after Bitcoin exited a descending channel, initiating a sharp rally that pushed the price above $138,000. The area near $123,182, once resistance, is now viewed as a critical support in this structure. This breakout carried strong buying momentum and caused short-term exhaustion. Analysts have identified the area between $115,000 and $120,000 as a high-volume accumulation zone, indicating strong demand beneath the $120,000 mark.

With Bitcoin trading just above $117,000, analysts are watching if support holds above $115,469. This zone overlaps with the 0.5 Fibonacci level and is often a common bounce point in upward trends. If buyers defend this area, Bitcoin could resume its uptrend toward retesting the $138,000 high. The orange long-term trendline that was once resistance now serves as a baseline for evaluating strength. Price action above that trendline confirms macro bullish continuation. The upward curve drawn since May signals a stair-stepping rally that remains valid unless structurally broken.

Traders are now looking at RSI trends and consolidation behavior for signs of the next move. If accumulation continues near these support zones, Bitcoin may gain momentum again. The focus now shifts to the resilience of these support zones. Will Bitcoin rebound strongly from this pullback or is a deeper correction incoming? The market structure still leans bullish unless these support levels break decisively.