For Bitcoin, what matters isn’t the direction — it’s the timing.

Bitcoin has moved outside of its upward channel, signaling potential weakness in the current structure. The first significant support lies around $117,500, though there is a minor level near $120K — its strength remains uncertain. On-chain data indicates that large holders have been transferring BTC to exchanges to take profits around all-time highs, adding selling pressure. Even if price rebounds from $117,500, the move is likely to result in a lower high formation. For the broader uptrend to regain credibility, Bitcoin must reclaim the $123K level with strong volume.