Bitcoin Reaches $123K, Setting New ATH Before Dip Amid Rising Optimism

Bitcoin ($BTC) has recently jumped to the $123K mark, making a new all-time high price as the investors show significant interest. As the market data reveals, Bitcoin’s climb to $123K comes before a dip to $117K. The latest dip takes place after the flagship crypto asset’s continuous price upsurge over the end of the past week.

Bitcoin Sets $123K as New All-Time High Before Decline to $117K

Bitcoin’s ($BTC) price rally reportedly recorded considerable momentum over the recent few days. Particularly, the jump above the psychological $120K mark was a notable development that led to a continuous upward trajectory. However, after achieving the new all-time high price level of $123,091, the top cryptocurrency has seen a decline to $117K.

The current price of Bitcoin ($BTC) is nearly $117,476.69. This underscores a 3.25% dip over the past twenty-four hours. In addition to this, the market capitalization of Bitcoin now stands at $2.33T, indicating a 3.01% decrease. Simultaneously, Bitcoin’s ($BTC) 24-hour volume shows a 196.72% rise at the $181.72B mark.

Market Members Remain Optimistic about Recovery and Further Upsurge

Particularly, the subsequent dip to $117K denotes a reversal after the wider market euphoria that raised Bitcoin’s price to $120K, $121K, $122K, and then $123K levels respectively. The market onlookers point out that such a drop usually occurs following sheer spikes. At the same time, many are still bullish about a potential recovery and even upsurge to the $125K mark. Nonetheless, the future progress will determine Bitcoin’s movement toward either direction.

Keeping this in view, the latest Bitcoin pullback has gained broader attention. As per the speculation, this dip is merely a short pause before another price upswing. Even then, there is also a possibility for a deeper correction. In the meantime, the traders are cautiously watching for the clear signs of another leg up.