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BTC Freefall! The Journey from $123K to $117K â Will It Drop Even More? â ď¸
Bitcoin is once again at the center of attention after a sharp decline from $123,000 to $117,000. The leading cryptocurrency, which recently surged past key resistance levels, is now in freefall â raising serious questions for investors and analysts alike: is this just a healthy correction, or the start of a deeper drop?
Over the past 24 hours, Bitcoin has lost over $6,000 in value, wiping out billions in market capitalization. Many traders were caught off guard as BTC broke below the psychological support level of $120,000, sparking a wave of panic selling. With sentiment quickly turning bearish, technical analysts are now eyeing the next support level around $113,000.
Several factors may be contributing to the decline. Profit-taking by whales, renewed regulatory concerns, and macroeconomic uncertainty â including rising interest rates and inflation fears â have all added pressure to the market. At the same time, altcoins have followed BTCâs lead, showing red across the board.
Despite the current drop, some bulls remain optimistic. They argue that dips like these are normal in strong bull markets and could offer a golden opportunity to buy the dip. Still, caution is advised. If Bitcoin breaks below $115,000, the next leg down could be even steeper.
For now, all eyes remain on BTCâs next move. Will it stabilize and bounce back, or is more downside on the horizon?