Bitcoin Retreats After Hitting Record High

Bitcoin briefly retreated from its record high of $123,140 on Tuesday, dipping to around $118,500 as traders took profits after the cryptocurrency's latest surge above the $120,000 threshold.

The world's largest digital currency by market capitalization had cleared multiple resistance levels before encountering selling pressure that pushed it below a key bullish trend line.

Bitcoin's ascent began after clearing the $116,500 resistance zone, gaining momentum as it broke through both $118,000 and $120,000 levels.

The cryptocurrency now consolidates near $118,500 and the 100-hour simple moving average, with technical indicators showing momentum slowing.