Bitcoin Retreats Below All-Time High Amid Selling Pressure

Bitcoin's price retreated from its record high of $123,140 on Tuesday as traders took profits following the cryptocurrency's surge above the $120,000 threshold.

The world's largest digital currency by market capitalization encountered selling pressure after breaking through multiple resistance levels and moving below a key bullish trend line with support at $119,800.

After clearing the $116,500 resistance zone, Bitcoin gained momentum, pushing through both $118,000 and $120,000 levels before establishing its new peak at $123,140.