Bitcoin (BTC) reached a record high of $124,533 on Thursday before experiencing a decline as profit-taking and macroeconomic factors influenced the market. The crypto market has extended its downward trend early Friday, resulting in significant liquidations across various digital assets amounting to $342 million. However, Bitcoin’s key indicators are now signaling caution, particularly in the short term. 📈 📉 Glassnode, a blockchain analytics firm, reveals Deribit’s Bitcoin DVOL indicator is near historic lows, indicating extreme complacency with low demand for downside protection. This could heighten the risk of sudden volatility shocks. 📉 💥 The implied volatility ratio for Bitcoin also remains high, as only 3.2% of days show higher values, suggesting uncertainty in the medium term. 📈 🧠Key price levels to watch include $127,000 – a significant resistance level marking the +1σ zone – which could potentially lead to a surge beyond $144,000 (+2σ), given historical market peaks have often seen selling pressure increase. 📉 💰 Meanwhile, Bitcoin’s Short-Term Holder SOPR metric briefly dipped below neutral levels but quickly rebounded and now sits around $112,000. This suggests the majority of new investors are currently navigating the market with a profit-making approach.