Bitcoin Price Slips Over 5% After Hitting New All-Time High

The Bitcoin price rally cooled off in the last 24 hours, with the price dropping more than 5% after reaching a new all-time high of $123,231. This pullback comes as many investors decided to lock in profits at record levels that pushed to $116,700, when writing. 

While the market still appears structurally bullish, recent data and insights suggest a short-term consolidation might be underway before continuing another leg up.

Profit-Taking Drives Market Pullback In Bitcoin Price Chart

According to on-chain data from Glassnode, the correction strongly…