Bitcoin Falls Below $115K Amid Profit-Taking Wave
Bitcoin (BTC) dipped under $115,000 today as traders cashed in gains following its recent all-time highs. The surge in selling pressure from short-term investors sparked a pullback across the broader crypto market.
Despite this correction, analysts remain bullish on Bitcoin’s long-term outlook, supported by strong institutional demand and growing retail interest. However, this dip highlights the ongoing volatility that follows rapid price surges.
Altcoins also dropped, with varying degrees of decline, causing the overall crypto market cap to shrink. Many view this retracement as a healthy reset, giving Bitcoin a chance to consolidate before pushing higher again.
Currently, Bitcoin is hovering just below $115K, with market watchers focused on key support levels around $112K–$113K to see if they hold or if further declines are ahead.
---
What’s Driving the Drop?
Profit-taking: Over $3.5 billion in BTC profits were realized over the weekend, including a record $3.3 billion on Saturday alone (Glassnode data).
Price decline: BTC is down roughly 7% from its peak near $124K.
Macro & technical factors: A stronger dollar and fading expectations for Fed rate cuts have dampened sentiment. Bitcoin also broke below key technical support, triggering automated sell-offs and liquidations.
Whale activity: Large holders are offloading, with Binance seeing increased BTC inflows signaling higher supply.
---