Bitcoin's price recently shifted after a surge in expectations for all-time highs, leading to a decline below $120,000, which may forecast further decreases. Analyst Michael van de Poppe noted an 'ugly daily candle,' indicating a potential drop as Bitcoin fell 2.6% within 24 hours, moving from $122,200 to around $119,000. Currently trading at $118,881, he predicts a test at $116.8K could occur, risking approximately $1.63 billion in long positions. Despite the price drop, market sentiment remains robust at a greed level of 68, supported by significant inflows into spot Bitcoin ETFs. Amidst this volatility, traders focus on potential rebounds, with suggestions that Ethereum investors may rotate funds back into Bitcoin.

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