Key Takeaways
The decline of Bitcoin‘s price today may have been sparked by a rapid unwinding of leveraged long positions after a tidal wave of selling pressure nudged a correction from the $122K peak over the past fortnight. This unfortunate cascade of events has driven BTC to a more humble $115,000.
Bitcoin [BTC] has taken a dive of 5.8% from its all-time high of $123,091 reached on the 14th of July. Who knew? One moment it’s high-flying, the next—tumbling like a clumsy bear in the snow.
At present, BTC is down 2% in the last 24 hours. But wait, its daily trading volume has swelled by 24.6%. Why? You might ask. Well, looks like we have ourselves a flurry of selling activity with the price sliding below the $116k local support. It’s like watching a house of cards—each one falling faster than the last. 🤡
Meanwhile, the conflict along the Thailand-Cambodia border may have thrown a tiny wrench into the Bitcoin gears. Could it really be the reason behind this slide? Well, let’s not get dramatic. In the long run, geopolitics hardly matters to the crypto-sphere. But short-term investor anxiety? Absolutely. 😰
The Bitcoin spot ETF flows also seem to echo this bearish mood. From the 21st to the 23rd of July, flows were negative, but a glimmer of hope shone on the 24th with a modest $226 million inflow. Still, BTC went down by 0.35%. That’s like being given a nice gift… but then accidentally dropping it on your foot. 🎁💥
So, let’s just call it: a classic dip from profit-taking and some overenthusiastic liquidations in the derivatives market.
Liquidations Drive Bitcoin Down, But They Might Just Spark a Rally
Over the last 24 hours, a mighty $144.8 million worth of liquidations have sent Bitcoin into a tailspin. Most of this, $128.77 million, was from long positions. The collapse below the $117K and $116K local support zones has led to a modest downturn. 💸
Now, let’s be clear—don’t panic, this is all quite normal in the world of crypto. In past bull runs, we’ve seen 20% to 30% drawdowns. A mere 5.8% drop? A blip on the radar. Just breathe, hold tight, and watch as traders sweat it out. 😏
In a post on X (formerly Twitter), CoinGlass noted the addition of 10k Bitcoin Open Interest (OI) on Binance’s BTC/USDT pair. And you know what that means—brace yourself for volatility in both directions. It’s a wild ride, folks! 🎢
The 4-hour chart reveals a sad truth—the $116K-$117K support zone has crumbled under the pressure. This high trading volume signals strong bearish sentiment, with the possibility of pushing prices further down to the next key support zone at $111K-$112K. What a world! 🌍
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2025-07-25 22:25