The price of Bitcoin (BTC) dropped sharply from $118,920 to $114,000 following U.S. President Donald Trump's announcement of new tariffs.
The cryptocurrency market faced a sudden wave of selling this afternoon. The main reason for the decline is attributed to the Trump administration's announcement of new customs tariffs. With this development, long positions worth $195 million were liquidated in the crypto market.
According to data shared by the market analysis company CryptoQuant, short-term Bitcoin investors (STH) transferred 21,400 BTC to exchanges, incurring significant losses. This movement recalls two similar large sell-off waves that occurred in recent weeks. On July 15, 50,134 BTC was sold at a loss, and on July 25, 39,105 BTC was sold at a loss.
Bitcoin's current price movement has reached the boundary of a critical on-chain support area. Experts say that if this support point is lost, there could be a significant gap below.
According to CryptoQuant analysts, the most important levels to watch are as follows:
On-chain support: $111,600
Technical support (previous all-time high): $112,000
Trader Realized Price: $105,500
Bitcoin investors need to pay close attention to these levels in the coming days. If these support points are broken, it is indicated that the price could move downwards rapidly.