Summary: Why Bitcoin Price Failed To Break $123,000 In The Past Week — Analyst Explains

Bitcoin's recent ascent to an all-time high near $122,800 hit a wall, failing to decisively breach the $123,000 mark. This pause in its upward trajectory, coupled with a bearish wave, was notably influenced by the movement of a long-dormant Satoshi-era whale. Crypto expert and Alphractal CEO, Joao Wedson, attributes this struggle to a pivotal on-chain indicator known as the "Alpha Price." This dynamic tool analyzes the market's age to establish a historical valuation baseline, essentially identifying significant support and resistance levels. The $123,370 region, specifically, is pinpointed as the second Alpha Price level—a critical resistance zone where investors frequently take profits. While Bitcoin's inability to break this barrier doesn't necessarily signal a market top, it indicates that a corrective pullback might be needed before the cryptocurrency can resume its climb to new highs. Despite the current resistance, Wedson suggests that if Bitcoin successfully surpasses this evolving Alpha Price level, a substantial rally towards $143,000 could still be within reach. As of now, Bitcoin hovers around $117,610, reflecting a slight decline over the past 24 hours.