$BTC

The drop in Bitcoin's price by 2.08% over the past 24 hours is related to profit-taking after a record high, technical overbought conditions, and liquidations exceeding $1 billion.

Profit-taking occurred after BTC reached a new all-time high of $123,140 (Aayush Jindal).

Technical indicators showed overbought conditions (14-day RSI: 76.08).

Liquidations exceeded $1 billion, which intensified downward pressure on the price.

Details

1. Main factor: profit-taking after the record

Bitcoin reached a new high of $123,140 on July 15, after which the price retraced to $117,473.74. Over the week, liquidations amounted to $1.52 billion, of which $301.79 million occurred in the last 24 hours. Institutional investors, for example, through BlackRock's ETF, invested $2.4 billion last week, but short-term traders took advantage of the peak to lock in profits, which aligns with historical trends after major rallies.

2. Technical background: overbought signals

The 14-day Relative Strength Index (RSI) stood at 76.08 (neutral range – 30–70), indicating excessive optimism.

The MACD histogram at +1173 shows a weakening bullish momentum.

Key Fibonacci support at $117,237 (23.6% retracement)