delivered a market spectacle today — surging to a fresh high of $124,457, momentarily overtaking Google in global market cap rankings, before plunging nearly $3,000 in just hours to trade around $117,771.
The day began with strong bullish momentum, fueled by institutional flows and optimism over a potential breakout toward $130K. But macroeconomic headwinds quickly changed the narrative. Reports of a possible Bank of Japan rate hike strengthened the yen and cooled risk sentiment across global markets, adding to the sudden sell-off.$SUI
📉 What’s Driving the Drop?
Macro Pressure: A cautious U.S. Fed stance and yen strength have dented BTC demand.
Profit Taking: Traders locked in gains after the $124K milestone.$SOL
Liquidity Watch: Analysts stress that fresh capital inflows are critical for the next big move.
📊 Key Levels to Watch
Support: $117K–$118K is the current battle zone; losing this could invite deeper downside.
Resistance: $122K–$124K remains the breakout trigger for bulls aiming higher.
🔮 Market Sentiment
While today’s sharp reversal reminds traders of Bitcoin’s volatility, the overall uptrend since early August remains intact. Many see this as a healthy correction — a “pause before the storm” — with the next surge likely hinging on ETF inflows and central bank cues.
💡 Bottom line: Bitcoin’s dominance in the crypto space is unshaken, but the next 48 hours will be critical in deciding whether this was just a speed bump or the start of a deeper pullback.
