Bitcoin News Today: Bitcoin Stalls at $123,000 Resistance Despite $3.7 Billion ETF Inflows

Bitcoin's recent upward trajectory has hit a snag as it approaches the $123,000 resistance level, causing its momentum to stall. This resistance is bolstered by multiple Fibonacci and structural levels, presenting a significant obstacle for the cryptocurrency to surpass. The stalling comes despite several positive developments in the crypto market, including record inflows into Bitcoin ETFs, which saw a weekly inflow of $3.7 billion, pushing total assets under management to a new high of $211 billion. This surge in ETF inflows has been driven by strong demand, particularly in the U.S., where Bitcoin has held steady above $121,000 and Ethereum has remained above $3,000.

However, the market's enthusiasm has been dampened by muted outcomes from 'Crypto Week' and policy gridlock, which have introduced uncertainty into the market. Analysts have noted that Bitcoin's price has been influenced by a weakening U.S. dollar, which has contributed to the cryptocurrency's recent gains. However, the $123,000 resistance level presents a significant challenge that could lead to a retest of the prior all-time high zone around $112,000 to $113,000. This retest would provide a critical test of Bitcoin's bullish momentum and could determine whether the cryptocurrency can continue its upward trajectory or face a correction.

The stalling momentum has also been attributed to long-term holders cashing out, as well as concerns over U.S. inflation and the potential for a liquidation storm. These factors have contributed to a sense of caution in the market, with some analysts predicting that Bitcoin could consolidate between $120,000 and $130,000 in the near term. Despite these challenges, the overall sentiment in the market remains bullish, with many analysts predicting that Bitcoin's price could continue to rise in the long term.