Bitcoin Experiences Classic Pullback After $123,000 Peak Amid Market Profit-Taking and Uncertain Inflation Data

Key Points

1. Bitcoin's price dropped to around $117,148, a 3.7% decline from its peak of $123,000, with altcoins like Dogecoin (DOGE) and Solana (SOL) seeing steeper losses.

2. The pullback triggered a liquidation event totaling $463.1 million, predominantly affecting bullish positions, with Bitcoin alone accounting for $140 million.

3. Market experts expect Bitcoin's price to stabilize within the $110,000 to $115,000 range, with potential for further gains after the correction.

4. Long-term investor optimism remains high, with 89.4% of participants expecting Bitcoin to stay above $100,000 throughout July.

5. Analysts view the pullback as a healthy correction within a broader bullish market framework, setting the stage for renewed upward momentum.