Bitcoin price analysis (Neutral) — 123890.83 USDT (-0.05% 24h)

Bitcoin is currently trading at $123,890, showing modest weakness with a 4.6% decline over the past 24 hours. The price sits just below both the 20-day SMA ($124,809) and 50-day SMA ($124,040), indicating near-term bearish pressure. However, the RSI reading of 31.7 suggests BTC is approaching oversold territory, which could present a potential buying opportunity for contrarian traders. Volume remains robust at $2.3 billion, indicating sustained market interest despite the price dip. The current volatility of 1.66% reflects typical market conditions for Bitcoin. Traders should watch for a potential bounce from these oversold levels, with key resistance at the $124,800 level. A break above the 20-day SMA could signal renewed bullish momentum, while failure to hold current support might see further downside toward $122,000. Consider scaling into long positions cautiously with tight stop-losses.