Bitcoin faced a notable correction after touching an all-time high of $123,000, retreating 3.7% to approximately $117,148. Market analysts attribute the pullback to widespread profit-taking by traders and lingering concerns over inflation data, which dampened short-term momentum.
Major altcoins experienced amplified losses during the downturn, with Dogecoin (DOGE) and Solana (SOL) incurring significant declines. The market movement triggered over $463.1 million in leveraged position liquidations, primarily impacting long traders. Bitcoin accounted for $140 million of these liquidations within a 24-hour period.
Despite the downturn, market experts forecast stabilization in the $110,000–$115,000 range. Analysts characterize the event as a healthy correction within Bitcoin’s overarching bull market cycle, noting its potential to establish foundations for renewed upward momentum.
Long-term investor confidence remains robust, with 89.4% of surveyed participants anticipating Bitcoin will remain above $100,000 throughout July. Market strategists suggest this consolidation phase may precede further gains as macroeconomic clarity improves.