Bitcoin achieved its strongest weekly close ever at $123,500, entering a new phase of price discovery. Onchain and derivative metrics show sustained bullish control near $123,000. Short-term outlooks predict either a momentum grind higher or a mean reversion dip. Futures data signals bull pressure, with most UTXOs in profit. Maintaining momentum above $118,000 is crucial for continued bullish trend.

Read more at Cointelegraph: 3 Charts to Watch as BTC Locks In Its Highest Weekly Close