Bitcoin price analysis (Bullish) — 123948.15 USDT (-0.84% 24h)

Bitcoin continues to trade in a tight consolidation range around the $123,900 level, showing remarkable stability despite a modest 0.84% decline over the past 24 hours. The current price sits comfortably above both the 20-day SMA ($123,327) and 50-day SMA ($123,005), indicating underlying bullish momentum remains intact. With an RSI reading of 64.13, BTC approaches overbought territory but still maintains healthy upward pressure. The $196 billion daily trading volume demonstrates strong institutional interest and liquidity at these elevated levels. Traders should watch for a decisive break above $125,000 for confirmation of the next leg higher, while maintaining stop-losses around $122,500 to protect against any sudden volatility spikes. The current 1.66% volatility reading suggests relatively stable conditions for position building.