BTC Breaks Down: Bears Smell Blood below $110K
This correction is intriguing because of its timing, which may also be related to US President Donald Trump.
Quick overview
- Bitcoin has fallen below $109,000, sparking bearish sentiment in the market.
- The timing of this correction coincides with significant political meetings involving US President Donald Trump and Russian President Vladimir Putin.
- Despite the drop, Bitcoin is showing signs of recovery, trading near $109,000 after testing support levels.
- Liquidations are on the rise, with nearly $600 million in total value liquidated and around 200,000 traders affected daily.
Live BTC/USD Chart
The bears are back in town because Bitcoin just fell below $109,000. This correction is intriguing because of its timing, which may also be related to US President Donald Trump.
The POTUS is reportedly meeting with Russian President Vladimir Putin at the time of writing, just one day before Ukraine’s Volodymyr Zelenskyy visits him at the White House.
Bitcoin is showing early signs of recovery, trading near $109,000 after testing support at $107,500. Interestingly, the ongoing gold rally might boost Bitcoin’s growth
Bitcoin has historically experienced strong rallies following peaks in gold’s momentum. If this pattern continues, a rotation after gold’s peak could push Bitcoin to all-time highs. To keep the bullish momentum, Bitcoin needs to stay above $110,000 for now.
Bitcoin recovered to $112,000 after initially holding that support but then fell to $108,500 after losing over $3K in less than an hour.
CoinGlass data reports that the total value of liquidated positions is rising again, approaching $600 million. Nearly 200,000 traders are wiped out each day, and the largest liquidation involved nearly $10 million on Hyperliquid.
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