Bitcoin’s Battle at $119,111: A Stormy Shift in the Crypto Arena
In a heart-stopping plunge, Bitcoin ($BTC) plummeted 2.06% in a single day, settling at $119,111, trailing the broader crypto market’s 1.93% decline and sending shockwaves through the trading landscape. The catalyst? A brutal breach of the critical $120,460 Fibonacci level, a once-steadfast fortress that crumbled under pressure, unleashing a torrent of automated sell-offs and liquidating over $83 million in leveraged long positions. Fresh off a 3.91% weekly surge and a 14.98% rally over 90 days, short-term traders seized the moment to lock in profits near all-time highs, while looming macroeconomic storm clouds—fueled by an imminent U.S. CPI release and escalating global trade tensions—intensified risk-averse sentiment. Yet, beneath this tempest, Bitcoin’s core remains unshaken: the 200-day EMA at $99,812 stands as an ironclad bulwark, bolstered by robust ETF inflows of $340 million and 94.1% of the supply in profit. The RSI, hovering calmly between 58 and 63, signals strategic repositioning rather than panic. With $114,329 as the next critical battleground, Bitcoin faces a defining moment—will it reclaim its $120,000 throne, or will macro headwinds prolong this dramatic correction? The crypto colossus stands at a crossroads, resilient yet tested.