Overview
- After setting a record near $126,200, Bitcoin is consolidating in the low $120,000s with support near $120,000 and a key level at $117,500, while a decisive break above $123,000–$125,000 would signal renewed upside.
- Binance data show a CVD Confirmation Score around 0.8–0.9, indicating price is being driven by genuine taker buying rather than short squeezes or weak momentum.
- The CryptoQuant contributor who flagged the high CVD score says sustained readings above 0.7 alongside a breakout over $124,000–$126,000 could open a path toward $130,000–$135,000, though a drop in the metric would warn of fading demand.
- On-chain analyst Axel Adler reports a Miner Financial Health Index at 59%, a neutral-to-bullish reading that suggests miners are not under pressure to sell and that recent consolidation remains orderly.
- Analyst Darkfost characterizes the current cycle as less volatile, with most drawdowns limited to 10%–20% and none above 28%, though other commentators still caution that a sizable correction remains possible.