Bitcoin (BTC) hit a record high above $124,000, and momentum has since eased off. Analysts said profit-taking by long-term holders has been capping gains above $120,000 since mid-July.

The bull market remains concentrated at the top, as evident from the CoinDesk 20 (CD20) Index, which has risen over 1% in 24 hours. The CoinDesk 80 (CD80), a gauge of smaller tokens, has dropped more than 1%.

"Bitcoin’s breakout beyond $124,000 has been particularly telling, a show of technical strength that reinforces its role as the market anchor, even as capital rotates into Ethereum and select altcoins," Vugar Usi Zade, COO of Bitget said in an email.

"Whether this marks the opening chapter of a multi-quarter bull market expansion or the crest before a consolidation phase will depend on how well the market absorbs its own momentum."

Derivatives Positioning

Token Talk