BTC Under Fire: Prices Face Downward Push to $110K

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Bitcoin fell below $113K due to global macroeconomic instability and whale sell-offs, which caused significant market swings across the cryptocurrency space.

Bitcoin drops below the previous all-time high of $111,980 if the 50-day EMA at $113,058 fails to hold as support. The decline could then extend to retest its key psychological support at $110,000.

The Relative Strength Index (RSI) is currently at 44, having been rejected from the neutral level of 50. This suggests that bearish momentum is increasing. Additionally, on July 23, the Moving Average Convergence Divergence (MACD) displayed a bearish crossover, which is still valid and further supports the strengthening bearish momentum.

This event highlights the volatility and potential strategic reassessment by traders and investors, emphasizing the impact of macroeconomic factors and institutional trading activity on cryptocurrency markets. About 80,000 BTC was sold by “whales,” or large institutional traders.

Binance advised traders to monitor economic data and reduce leverage. Bitcoin and Ethereum were most affected by the sharp price decline, which resulted in liquidations exceeding $1 billion in a single day. As altcoins experienced greater market losses, Bitcoin’s dominance grew. Economists cite the recent US tariffs signed by President Trump as a contributing factor to the current macroeconomic uncertainty.

Olumide Adesina

Financial Market Writer

Olumide Adesina is a French-born Nigerian financial writer. He tracks the financial markets with over 15 years of working experience in investment trading.

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