Bitcoin Price Update: BTC Falls Below $103,000
Bitcoin continued its downward trend on Tuesday, dipping below the $103,000 mark. Data from Santiment indicates that traders are cashing in profits ahead of the upcoming US CPI report. Analysts at Bitfinex note that if macroeconomic conditions remain supportive, these short-term pullbacks could be swiftly absorbed, preserving Bitcoin’s bullish trajectory.
BTC Retreats as Traders Secure Gains
Bitcoin extended its decline on Tuesday, dropping below $103,000 as investors locked in profits following a robust 10% surge last week. The sell-off aligns with anticipation for the US Consumer Price Index (CPI) data for April, which could introduce volatility to high-risk assets like BTC. Despite the current dip, Bitfinex analysts remain optimistic, suggesting that favorable macro conditions could limit the impact of these short-term declines, keeping Bitcoin’s long-term bullish outlook intact.
Profit-Taking Intensifies Before US CPI Data
Bitcoin kicked off the week on a high, gaining ground during Monday’s Asian trading session after news broke of a 90-day tariff reduction agreement between the US and China. However, those gains evaporated in the New York session as BTC plummeted below $103,000, touching an intraday low near $100,700. As of Tuesday’s early European trading hours, Bitcoin is trading in the red at approximately $102,600.
Santiment’s Network Realized Profit/Loss (NPL) metric reveals that BTC holders are capitalizing on last week’s 10% rally by taking profits. This metric calculates a daily network-level Return on Investment (ROI) based on on-chain transaction volumes. Sharp spikes in NPL signal that holders are selling at significant profits, while steep drops suggest panic selling or investor capitulation as losses are rea$BTC