Bitcoin News Today: Bitcoin traders warn $123K peak risks correction toward $92K support

Bitcoin traders are increasingly cautioning that the recent peak near $123,000 may signal the top of a local uptrend, raising concerns over potential price corrections. The cryptocurrency has recently fallen below the $115,000 support level, a key threshold identified by market analyst Michaël van de Poppe as critical for sustaining the bullish momentum. If this level continues to be under pressure, the price could face a further decline toward the $110,000–$112,000 range, with long-side liquidations already estimated at $172 million as of Friday [1].

Technical indicators are adding to the bearish outlook. A bearish divergence on the weekly relative strength index (RSI) suggests weakening momentum despite Bitcoin forming higher highs in recent months. This pattern historically precedes significant pullbacks, such as those seen prior to the 2021 market top [1]. If the trend continues, the price may retrace toward the 50-week exponential moving average, currently near $92,000, a level that has historically acted as a support during bull cycles [1].

Further support for a deeper correction comes from Bitcoin’s Net Unrealized Profit/Loss (NUPL) metric, which currently stands in the 0.5–0.6 zone. This range has historically coincided with local tops, indicating increased profit-taking and potential sell pressure. With over 92% of Bitcoin’s supply currently in profit, the likelihood of an uptick in selling pressure is heightened, particularly as similar setups in 2020, March 2024, and January 2025 were followed by sharp corrections [1].

Analyst AlejandroBTC also highlighted a triple bearish divergence on the monthly RSI, describing it as a setup that often signals the end of a market cycle. Meanwhile, some bullish analysts remain cautious but optimistic. According to CoinGlass, Bitcoin does not currently show signs of overheating, with the price still below the projected $138,000 level. Others forecast that the price could reach a peak of around $150,000 in the next three months [1].

The mixed signals from technical indicators and analyst outlooks underscore the uncertainty surrounding Bitcoin’s near-term trajectory. While bearish conditions appear to be strengthening, the market remains within a range that suggests neither a deep bear market nor a strong continuation of the current bullish trend.

Source: [1] Bitcoin traders warn $123K was a top: How low can BTC price go? (https://cointelegraph.com/news/bitcoin-traders-warn-123k-top-how-low-can-btc-price-go)