After reaching a high of $124,000, #Bitcoin suffered a correction of more than 2%, falling back to the $115,000 range.
But it wasn't the only one:
($ETH) dropped nearly 6%
XRP fell by 5%
Solana ($SOL) dropped more than 6%
Dogecoin ($DOGE) also lost around 5%
🔎 Factors behind the drop
1️⃣ Profit-taking: after recent all-time highs, many traders decided to secure profits.
2️⃣ Lower expectations for rate cuts: economic data in the U.S. reduced pressure on the Federal Reserve to loosen monetary policy.
3️⃣ U.S. Treasury statements: official comments generated caution among investors.
4️⃣ Liquidations in leveraged positions: the drop below key levels triggered forced selling in the market.
📊 Context
Although this correction wiped out more than $100 billion in market value in 24 hours, many analysts consider it a healthy pause within the bullish cycle.
The focus is now on the upcoming Fed meeting and the messages from Jackson Hole, which could define the direction of the crypto market in the coming weeks.
