Bitcoin Touches $123K โ€” Breakout or Fakeout? ๐Ÿค”

#BTC125Next? #MarketUptober #SECTokenizedStocksPlan #CryptoETFMonth ๐Ÿ”ฅ BTC just punched above $123K again โ€” thatโ€™s a strong psychological level! Letโ€™s break down what this means and what might be next ๐Ÿ‘‡

๐Ÿงญ Quick Technical Outlook (based on your chart)

Timeframe: 5-minute (short-term, so quick swings matter)

Current Price: ~$123,950

Resistance Zone: ~$124,300 โ€“ $124,500 (price has tested this and pulled back slightly)

Support Zone: ~$122,300 โ€“ $122,900 (previous breakout level)

๐Ÿ“ˆ Scenario 1: Bullish Continuation.

If BTC manages to close above $124,500 with strong volume, it could trigger a minimally toward:

Next targets: $125,200 โ†’ $126,000

This would confirm bulls are still in control and short-term traders might pile in again.

๐Ÿ“‰ Scenario 2: Short-Term Pullback.

If BTC fails to break above $124,500 and falls below $123,700, we could see:

Retest zones: $123,000 โ†’ $122,400

This would just be a healthy cooldown before another potential leg up.

๐Ÿ” Key Things to Watch.

1. Volume: A rise in volume near $124K+ means momentum is real.

2. US Market Opening Hours: Often drives volatility (watch around 1:30 PM UTC).

3. Funding Rates / Liquidations: Over-leveraged longs could trigger a quick dip.

4. Macro news: Any ETF, Fed, or inflation-related update could swing sentiment fast.

๐Ÿง  My Take

BTC holding above $123K is a bullish sign overall โ€” itโ€™s turning prior resistance into support.

Short-term, expect some choppy consolidation between $123Kโ€“$124.5K before a decisive move.