#Bitcoin and #Ethereum Retreat from Record Highs Amid Profit-Taking and Macro Headwinds

Bitcoin ($BTC ) and Ethereum ($ETH ) faced heavy selling pressure over the past 24 hours as traders booked profits following recent record highs. Elevated leverage, hotter-than-expected U.S. inflation data, and weakening technical structures have compounded concerns of a broader correction across the cryptocurrency market.

Bitcoin Falls Below Key Trendlines

Bitcoin dropped more than 1.5% on the day to trade near $113,550, slipping below key medium-term trendlines that had supported its summer rally. Earlier in the session, #BTC had briefly touched $114,700, a level last seen two weeks ago, before sliding lower.

According to Alex Kuptsikevich, chief market analyst at FxPro, the breakdown raises the risk of a deeper correction:

“Bitcoin fell to $114,700, rolling back to levels seen two weeks ago and below the medium-term trend line, which is a 50-day moving average. This dynamic reinforces fears of a deeper correction, which could affect the entire crypto market, potentially triggering a deeper correction to $100,000, near the 200-day MA.”

The total cryptocurrency market capitalization fell by 0.4% to $3.87 trillion, down from last week’s peak. Kuptsikevich noted that the market is now “plunging below former resistance levels, raising speculators' fears of a possible correction toward $3.6 trillion.”

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