Bitcoin (BTC) retreated nearly 7% from its recent all-time high of over $124,000, sliding to around $113,600 as volatility returned to cryptocurrency markets. The pullback triggered over $800 million in leveraged position liquidations, with analysts identifying the $116,000–$117,000 zone as crucial support. A break below this level could open the door to deeper losses toward $112,000 or even $100,000, while holding above it might signal healthy consolidation before another potential push toward $130,000 later this year.
Technical indicators present a mixed picture. Short-term moving averages lean bearish, while long-term averages suggest underlying strength. The RSI sits near 45, indicating neutral momentum with room for further downside if selling pressure intensifies. Chart watchers also note a possible double-top formation near $123,000, which could signal a deeper correction if confirmed.
Macro conditions remain central, with traders awaiting Federal Reserve commentary from the Jackson Hole Symposium. Inflation data and Bitcoin ETF flows will also shape near-term direction. Ethereum (ETH) mirrored Bitcoin's volatility, retreating from $4,788 to around $4,190. Analysts highlight $4,150–$4,200 as critical support for ETH, with a break below potentially leading to a slide toward $3,900–$4,000.
Altcoins like BNB, Chainlink (LINK), and Mantle (MNT) show relative strength but remain dependent on Bitcoin's direction. BNB faces resistance between $861–$869, LINK struggles near $27, and MNT tests key resistance at $1.42. A strong Bitcoin rebound could fuel upside surprises in these altcoins, while continued BTC weakness might deepen corrections across the board.