Why is Bitcoin down today? – $144M in liquidations, profit-taking & more…

Key Points

1. Bitcoin's price fell 5.8% from its all-time high, with $144.8 million in liquidations in the past 24 hours, $128.77 million of which were long positions.

2. Negative Bitcoin spot ETF flows from July 21-23 indicated bearish sentiment, though July 24 saw $226 million inflows despite a 0.35% price drop.

3. A 20-30% drawdown during bull runs is historically common, making the current 5.8% decline less alarming for investors.

4. The $116K-$117K support zone has been selling, potentially pushing prices toward the next demand zone at $111K-$112K.

5. Increased Open Interest (OI) during Bitcoin's retest of $115K as support suggests heightened volatility in both directions.