Bitcoin (BTC) had one of its most significant runs over the last few days. The largest cryptocurrency by market cap climbed to a new all-time high of $122,838 on July 14. BTC’s price has fallen by 5% from its recent peak. The asset’s dip has triggered a wider market correction. BTC is currently down 4.1% in the daily charts. Despite the pullback, BTC continues to glow green in the other time frames. The asset has rallied 7.1% in the weekly charts, 9.5% in the 14-day charts, 10.9% over the previous month, and 86.3% since July 2024.
Minor Bitcoin Correction, Or Is The Bull Run Ending?
The latest market dip comes amid a massive profit-taking phase. Whale activity has significantly surged on Binance, the world’s largest crypto exchange by volume.
Experts have highlighted Bitcoin’s sudden rise from $108,000 to $123,000. The rapid rise has left a supply gap between $110,000 and $116,000. There could be sudden price fluctuations in any direction.
According to CryptoQuant analyst Crazzyblockk, “large-scale investors are either preparing to secure gains after (BTC’s) historic run to $122,000 or are planning to utilize Binance’s deep liquidity to hedge or open new positions amid peak volatility.“
The crypto market has also witnessed the absence of retail players this cycle. The Federal Reserve’s decision to keep interest rates unchanged may have led to a dip in retail participation. Massive inflows into BTC ETFs were one of the primary reasons behind the latest market rally. ETFs even registered inflows during volatile moments. Trade wars and geopolitical tension did not seem to have much effect on ETF inflows.
Also Read: Analyst Reveal Bitcoin’s (BTC) Next Key Zones – Breakout or Breakdown?
We may see Bitcoin’s (BTC) price dip to the $110,000 level over the coming days. BTC has also historically faced a dip about 16 months after its halving. Going by that timeframe, BTC could face a price dip around September or October.