Odaily Planet Daily reported that according to BitMEX analysis, Bitcoin hit a record high today, reaching $124,000 before giving back slightly; Ethereum broke through the $4,700 mark, just one step away from its historical high.

While expectations of interest rate cuts and increased institutional holdings provide strong support for Bitcoin in the long term, there is potential for a correction in the short term. First, according to statistics from Blockchain.com, Bitcoin's hash rate has been declining rapidly since August 7th, from a peak of 965 EH/s to 892 EH/s on August 13th. Since Bitcoin's hash rate is typically positively correlated with its price, the current trend suggests a potential short-term price correction.

Secondly, from a technical perspective (as shown below), Bitcoin's price trend and the MACD are forming a potential bearish divergence. The current price could potentially form a double top pattern with the July high, triggering a pullback. Near-term potential support lies at the August 2nd low, which also marks the May high of approximately $112,000. The blue upward trend line is key support; a break below it could signal further declines.