$DOGE Why is the crypto market dipping?
1. Profit-taking at peaks
Major holders, like Bitcoin miners, cashed out at all-time highs. On July 15, miners moved over 16,000 BTC to exchanges—their largest sell-off since April—triggering a broader $3.5 billion in realized profits .
After Bitcoin and altcoins hit local highs (BTC briefly over $123K), traders pulled back to lock in gains .
2. Technical pullbacks and overbought signals
Indicators like Bollinger Bands, RSI, MACD, and Stochastic RSI showed overbought conditions, prompting expected retracements. Bitcoin pulled back toward its mid-Bollinger Band (~$111K) after peaking at $123K .
Altcoins followed suit, as investors rotated profits.
3. Large dormant wallet moves
A decade-old wallet holding ~80,000 BTC moved ~$8.7 B worth of coins, stoking fears of a large-scale dump and triggering defensive selling .
4. Macro and geopolitical factors
Some caution emerges from broader instability—like tensions in the Middle East and investor wariness around rate decisions—which is keeping some capital in safer assets (bonds, gold) instead of crypto
