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Bitcoin’s price dropped 5% to $117,547.26 after a record high of $123,000. Trading volume surged 190% in 24 hours. Analysts still see potential targets of $148K.
Bitcoin price cools off after touching the record high. (Representative/Shutterstock)
Bitcoin Price Today: Bitcoin rally cooled off on Tuesday to fall almost 5 per cent after hitting the record high of $123,000. The most popular cryptocurrency experienced a freakish upward price movement in the past seven days amid the pro-crypto sentiment and the start of the crypto week.
According to CoinMarketCap, Bitcoin price was trading at $117,547.26. The trading volume of Bitcoin surged to 190 per cent in the last 24 hours. The current market cap of Bitcoin stood at $2.33 trillion.
Bitcoin surged to a new milestone—busting through $123,000—driven by institutional flows, ETF inflows totaling $3.4 billion in July (including $2.2 billion in just two days) but tested 117K as outflows on Monday reached ~$100 million, said CoinSwitch Markets Desk.
A sharp correction of nearly $7,000 was observed yesterday, likely driven by profit-booking among investors. This pullback was more pronounced in Bitcoin compared to Ethereum, Piyush Walke – Derivatives Research Analyst, Delta Exchange added.
Bitcoin Price Prediction
Additionally, BTC price movements appear to be forming an inverse head and shoulders pattern where if BTC bounces back from the neckline support level of $113k, we could see a target of $148K to be played out, CoinSwitch Markets Desk added.
Edul Patel, Co-founder and CEO of Mudrex believed the bullish structure in Bitcoin remains intact.
Additionally, Bitcoin’s support has moved up to $17,100, showing strong resilience, while resistance stands at the previous high of $123,000, he added.
One analyst points out the anti-fiat sentiment on the upward momentum in Bitcoin price in recent times rather risk-on-appetite.Â
Ross Maxwell, Global Strategy Lead at VT Markets believed Bitcoin’s surge may be reflecting broader anti-fiat sentiment, rather than risk-on appetite.
Meanwhile, Bitcoin made new all-time highs, ignoring traditional risk sentiment. The move higher reflects both a hedge against geopolitical uncertainty and growing speculation around new ETF inflows and central bank pressures, she added.
What Is Crypto Week?
The week ahead is anchored by “Crypto Week” in Congress, key bills like the Clarity Act, GENIUS Act, and Anti‑CBDC Surveillance Act are moving through the House Rules Committee, with a full vote expected soon.
These bills aim to define crypto regulatory roles, authorize stablecoins, and block a U.S. central bank digital currency, providing clarity that could drive institutional market participation, said CoinSwitch Markets Desk.
Devika Mittal, Regional Head at Ava Labs notes that the timing couldn’t be better, as countries like Vietnam are starting to embrace crypto themselves, following America’s lead in the global digital economy.
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More
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