- Bitcoin is fluctuating consistently around the $117,000 price mark
- The asset hit its latest ATH of $123,140 around 24 hours ago
- The overall market cap of the crypto sector currently stands at $2.67 trillion
The surging price of Bitcoin witnessed a significant pullback in the last 24 hours, slashing its price by nearly $7,000 in the last 24 hours. In the last 24 hours, Bitcoin clocked a price drop of four percent – pushing its value down to $117,000 from its latest all-time high of $123,140 over the last day. At the time of writing, the oldest and most expensive crypto asset was trading at $117,138, data by CoinMarketCap showed. Currently, Bitcoin is flirting with the $117,000 line – showing consistent fluctuations.
The technical support level for BTC presently stands at $116,000, said Piyush Walke, the derivatives research analyst at Delta Exchange. He advised investors to wait and analyse Bitcoin’s price trajectory closely before taking investment decisions.
“Profit-booking among investors is a considerable reason that may have triggered this sharp correction in Bitcoin’s price rally. Now, a breach below $116,000 could open the door to further downside toward $112,000,” Walke told CoinHeadlines.
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Meanwhile, US President Donald Trump’s recent tariff announcement is also being highlighted as a significant factor that seemingly triggered this market consolidation.
“The crypto market is responding to Trump’s announcement of a 100 percent tariff on imports from Russia,” said Avinash Shekhar, the CEO of the Pi42 crypto exchange, while also highlighting that despite the dip, the institutional interest in crypto assets remains strong. “On-chain indicators and futures positioning suggest the broader uptrend remains intact. Traders are now closely watching whether Bitcoin can reclaim $123,000 and push to new highs.”
Ross Maxwell, the Global Strategy Lead at the Australia-based multi-asset broker firm VT Markets also seconded Shekhar on linking the tariff tensions with the break in BTC’s price rally.
“Tariff headlines will continue to create short-term volatility in the markets, whilst Bitcoin’s surge may be reflecting broader anti-fiat sentiment, rather than risk-on appetite,” Maxwell told CoinHeadlines. He noted that how the market reacts next will depend on how the investors perceive the unfolding events as genuinely detrimental to the global economy (and thus react negatively), or if they dismiss these tariff wars merely as Trump’s political showmanship that won’t have a significant economic impact.
Owing to the ongoing price correction, Bitcoin’s market cap, which briefly exceeded those of Amazon, Google, and Silver on July 14, declined by 4.32 percent in the last 24 hours, dropping from $2.34 trillion to $2.32 trillion.
At this point, analysts are waiting to see how things unfold in the US during this “Crypto Week” that is expected to bring more clarity to key bills like the Clarity Act, GENIUS Act, and Anti‑CBDC Surveillance Act in the US.
Following BTC’s surge, analysts had already been warning investors about an upcoming market correction. The recent drop in the asset’s value, analysts say, is part of the consolidation period that now seems to be impacting the overall crypto market.
Ether, for instance, followed Bitcoin’s trajectory and registered a loss of under two percent to fall from $3,100 price point to its current value of $2,973. Ripple, Tether, Binance Coin, Dogecoin, Tron, and Cardano are among assets trading in the losses on Tuesday.
