According to van de Poppe, the recent upswing in Bitcoin gave way to a pullback following the release of disappointing macro data, with U.S. PPI coming in hotter than expected at 3.3% versus the forecast 2.5%. He described the move as a “classic liquidity grab,” which pushed BTC back into its trading range 

Van de Poppe expects Bitcoin to dip slightly on higher timeframes before moving into a consolidation phase. He also warned that Ethereum could correct by another 10% in the near term. Once that adjustment plays out, he believes altcoins may be poised for a one- to two-week rally.

Path Toward $144,000

Analysts at Glassnode view $127,000 as the next major resistance for Bitcoin. A clean break above this zone could drive the price toward $144,000, a level historically associated with increased selling pressure and profit-taking. In past cycles, touching this zone often coincided with the formation of market tops.

Impact of U.S. Inflation Data

The latest pullback in Bitcoin after reaching a fresh all-time high triggered more than $1 billion in forced liquidations of leveraged positions.

Ryan Lee, chief analyst at Bitget, told ForkLog that he sees the drop as a technical correction rather than a change in trend. He stressed that Bitcoin continues to hold above $117,000, signaling sustained investor interest:

“This doesn’t point to a market reversal but rather the flushing out of speculative positions. The fact that Bitcoin is holding firm above $118,000 is a sign of strength. The next catalysts are likely to come from macro events such as the Jackson Hole symposium, along with shifts in on-chain activity,” he explained.

Alexander Peresichan, CEO of TECHNOBIT, also called the correction expected after Bitcoin’s recent run. He argued that softer U.S. inflation data acted as a trigger for profit-taking rather than a reason for a broader trend reversal.

He emphasized that Bitcoin remains comfortably above $117,000, avoiding panic selling, while Ethereum is still holding above its critical $3,500–3,600 support range despite the pullback.

Signals From Short- and Long-Term Holders

CryptoQuant analyst Axel Adler Jr. noted that short-term Bitcoin holders (STH) are increasingly reluctant to sell at a loss during market corrections.

On the most recent dip, only about 16,800 BTC from STHs flowed to exchanges at a loss, far below levels seen during past sell-offs. Adler Jr. highlighted a trend of reduced capitulation volume, suggesting waning pressure from short-term sellers.

He pointed out that STHs are generally selling at a profit, and the market is absorbing this flow. The 7-day moving average of STH-SOPR climbed to 1.04 — still moderate compared with prior peaks at 1.06–1.09. According to Adler Jr., as long as SOPR holds above 1.00–1.02 and quick buybacks occur on dips, demand remains strong. A drop below 1.00, however, could flag weakening demand and open the door to a deeper correction.

Meanwhile, long-term holders (LTH) have expanded their reserves by 1.64 million BTC. Adler Jr. analyzed LTHs holding coins for six months to two years: in April, their combined balance stood at 3.551 million BTC when the price was $83,000. Today, that figure has climbed to 5.191 million BTC.

He observed only modest profit-taking during the test of $118,000, with 7-day average spending rising to 20,000 BTC — well below historic spikes of 40,000–70,000 BTC.

Adler Jr. concluded that accumulation continues to outweigh distribution among a significant share of network participants, reinforcing a bullish long-term outlook.

Earlier, FORECK.INFO highlighted how surging institutional inflows on Coinbase often precede major Bitcoin rallies, setting the stage for the next leg higher.