Bitcoin Drops Below $110,000 as Market Turns Cautious
Bitcoin fell under $110,000 for the first time in more than six weeks as traders took profits from the recent rally amid growing market uncertainty.
On Monday night, Bitcoin was trading at around $109,317, down about 2.9% in 24 hours. This is its lowest level since July 9.
The drop followed last week’s brief jump after U.S. Federal Reserve Chair Jerome Powell hinted at a possible interest rate cut. However, optimism faded as investors doubted when or if the cut would happen.
Analysts say the decline was caused by profit-taking, technical resistance, and shifting expectations about interest rates. Adding to the pressure, a major Bitcoin whale reportedly sold 24,000 BTC (worth about $2.6 billion), which triggered big liquidations in the derivatives market.
Uncertainty grew further when U.S. President Donald Trump announced the firing of Federal Reserve Governor Lisa Cook, raising concerns about the central bank’s political independence.
Experts highlight key support levels for Bitcoin:
- $105,000 as the June breakout zone
- $100,000 as a psychological and technical level.
If Bitcoin falls below $100,000, it could spark more forced selling, while the upside may be capped near $118,000–$120,000 until the global outlook improves.
Meanwhile, the broader crypto market also dropped:
- Ethereum fell 7.4% to $4,371 (after trading near $4,900 earlier).
- XRP dropped 4.8% to $2.87.
- Solana slipped 9.8% to $187.7.
- BNB fell 4.2% to $838.
In total, over $900 million in crypto positions were liquidated in just one day. Analysts noted that money is no longer rotating between Bitcoin and Ethereum, but instead moving out of crypto entirely, signaling a clear “risk-off” mode across the market.
