Bitcoin's recent peak at $124,500 is not viewed as the cycle top, with all 30 indicators signaling neutrality. Analysts suggest that the reported top is merely market noise, highlighting that key indicators like the Puell Multiple and MVRV Z-Score are still at neutral levels, far from past overheating signals that traditionally marked market peaks. Recent on-chain data reveals that inexperienced holders are suffering losses and selling their Bitcoin, while seasoned investors are capable of riding out the volatility. This dynamic points to a market purging weaker hands while transferring assets to holders with more conviction. There’s a notable liquidity cluster around $117,000-$118,000, which could act as a magnet if Bitcoin rebounds. The bullish structure remains intact, especially if Bitcoin maintains above the 20-week EMA, with potential for upward movements toward $150,000. However, if the price falls below this support level, it could trend toward the 50-week EMA near $95,300. Analysts emphasize the importance of reclaiming key levels to unleash potential short-covering and upward momentum in the market.

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