The large pancake leads the decline $DOGE Reasons for the sharp drop:

After Bitcoin reached a new high of $123,274, it fell back to $116,333, a drop of about 5%.

Among major altcoins, DOGE led the decline with a daily drop of 7-8%. This trend highlights increased short-term profit-taking pressure, with both institutions and retail investors exiting the market.

There are 86 billion DOGE in the profitable range, and the selling pressure risk is rising; at the same time, exchange holdings increased from 23.2 billion to 23.5 billion mid-month, indicating continued accumulation of selling pressure.

🔥 In addition, after DOGE briefly broke through the key resistance of $0.20, it failed to continue its rally. RSI and other indicators show overbought conditions, and after losing the support level, concentrated selling by institutions and retail investors may further amplify the decline.

Continue to monitor: the support situation in the $0.18–0.19 range and whether Bitcoin can return to the $120,000 mark! $THE $DOOD