Overview

• Bitcoin fell to an intraday low of $119,713 after touching $123,822 on October 9, a 3.3% swing based on Coinbase data via TradingView.
• Prices are consolidating around $120,000 following a new all-time high above $126,000 earlier this month.
• Analysts point to profit-taking, renewed U.S. dollar strength, cautious risk sentiment into earnings season, and soft on-chain activity as key pressures.
• Luxembourg’s sovereign wealth fund disclosed a 1% allocation to crypto reported to be via bitcoin ETFs, which sparked a brief lift near the New York open before fading.
• Short-term charts show resistance around $122,750 with bearish MACD and sub-50 RSI readings, and traders are watching $120,000 support with $118,500–$116,500 flagged as potential downside levels.