Bitcoin is experiencing a setback as it trades below its recent all-time highs, facing a potential deeper correction of around $9,000. Analysts report resistance from profit-taking, which could delay the bull market's next phase. Data from CryptoQuant indicates that Bitcoin demand metrics may be topping out, with demand growth nearing previous highs and whale-held Bitcoin balances increasing, often preceding accumulation slowdowns. Popular traders suggest that if Bitcoin closes below the $104,450 level from December 2024, a deeper pullback could occur, potentially forming an inverse Head and Shoulders pattern before any significant price recovery. Trader Aksel Kibar notes that while bullish sentiment persists above $73,700, a correction is currently expected. CryptoQuant also identifies $120,000 as a potential profit-taking level. Overall, caution is advised as the market reassesses its trajectory in the short term.

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