Bitcoin’s $123K High: Why the Bulls Are Still Smiling 😎

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Key takeaways

Bitcoin’s brief dip after hitting $123K was all about short-term profit-taking, but the long-term holders and miners are still holding strong. While a short-term dip is likely, the broader market is still looking bullish. 📈

After soaring to a new all-time high of $123K, Bitcoin [BTC] has hit a bit of a speed bump. A surge in exchange inflows and short-term holders rushing to lock in profits triggered a brief cooldown in price. But hey, who doesn’t love a good cooldown after a sprint to the moon? 🚀

But long-term holders and miners are holding steady; hinting that the broader bullish sentiment might be far from over. They’re like the cool kids at the party who know the best is yet to come. 🎉

Crypto analyst and Coin Bureau founder Nic Puckrin framed the breakout in broader context, saying,

“Bitcoin smashed past the $120,000 mark over the weekend, breaking above a seven-year trendline that has acted as a strong resistance level since 2018. This is an incredibly bullish signal, especially given the environment this is happening in. It’s like Bitcoin finally decided to show up to the party and bring the best playlist ever.”

Profit takers make a move as Bitcoin hits $123K

As Bitcoin surged to a record high of $123,000, on-chain data from CryptoQuant showed a sharp spike in netflows into centralized exchanges; a decisive wave of profit-taking. It’s like everyone decided to cash out their Bitcoin to buy a new Tesla. 🚗

The inflow, which exceeded 3,000 BTC, marked the most aggressive move by sellers since at least April, breaking a multi-week streak of dominant outflows. This abrupt reversal shows that short-term holders and a segment of whales likely viewed the $123K level as a near-term top. But hey, who can blame them? It’s like hitting the jackpot and not wanting to risk it all. 🎰

While these movements often precede local corrections, the absence of sustained outflows from long-term holders indicates that the broader bullish structure remains intact. For now. 🤞

Puckrin added,

“The Bitcoin long/short ratio is currently overbalanced in favor of the longs, while 24-hour liquidations are close to $1 billion, so a short-term reversal in the price is almost guaranteed, with liquidations looming at around $118,000. It’s like a rollercoaster ride, but the best part is yet to come.”

Selling pressure eases as miners anticipate further upside

While short-term holders moved quickly to take profits, miners appear to be taking a different view. There’s been a notable decline in miner-to-exchange flows, with recent volumes retreating from last week’s brief spike. It’s like they’re holding out for the grand finale. 🎬

The Miners’ Position Index has also dropped back into neutral-to-negative territory, so miners are not under immediate financial pressure to sell. This restraint points to confidence in Bitcoin’s continued upside. Given their historical accuracy in timing exits, miners’ hesitation to offload coins may be a key signal that the current bull phase still has room to run. It’s like they’re the wise old owls of the crypto world, waiting for the right moment. 🦉

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2025-07-15 19:07