Bitcoin dropped sharply on Tuesday after briefly reaching a new all-time high of $123,091. It later fell by 4.6% to about $117,466 during the day. The drop was likely caused by certain investors taking profits and the market slowing down a bit. Although big investors are still buying and the data continues to show strong support for Bitcoin.
Ethereum, the world’s second‑largest cryptocurrency, also slipped 2.8% to about $2,968. Other top altcoins also traded lower. Solana lost 4.4%, Cardano lost 4.8%, Dogecoin 7.7%, and Stellar posted the steepest decline at 10.2%.
At the time of writing, Bitcoin price is trading near $116,744–down 4.59% in the past 24 hours.
As per data on SoSoValue, Bitcoin’s rise was powered by institutional activity, with ETF inflows totaling $52.66B as of July 14, including $5.95 billion total value traded over a 24-hour stretch.Â
At the same time, crypto analysts observed that futures open interest is rising, signalling strong demand from large players. They said the current price action may be forming an inverse head and shoulders pattern. If Bitcoin maintains the neckline support at $113,000, it could aim for a breakout toward $128,000 in the next few months.
Even though Bitcoin dropped sharply, experts say it’s just a short break, not a full change in direction. The popular belief is that the price is still on its way up, with strong support from big investors.
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