Bitcoin fell to $114,762, marking a decline as risk assets were pressured by reduced hopes for U.S. interest rate cuts. Ether remained stable while XRP dropped approximately 3%. Earlier this month, Bitcoin peaked at $123,205, buoyed by optimism regarding the U.S. regulatory environment and strong crypto investment inflows. Analysts noted the decline as a necessary correction. Bearish sentiment intensified in the derivatives market following large trades on put options, and further consolidation is anticipated as Bitcoin faces resistance near $125,000.
The broader uptrend remains intact, but momentum has cooled and traders are cautious, according to Rachael Lucas, a crypto analyst at BTC Markets.
The crypto market's decline is a healthy and necessary correction from previous highs, says Alex Kuptsikevich, chief market analyst at FxPro.
Even a decline to the $3.4 trillion mark would be viewed as profit-taking, as long as the market remains above this level, Kuptsikevich added.
We expect to see further consolidation while Bitcoin remains below monthly trendline resistance, currently at around $125,000, which capped Bitcoin's advance last week, said Tony Sycamore, an analyst at IG Australia.
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