Bitcoin Shows Cycle Exhaustion, Slips to $112K

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Bitcoin’s drop to $112,000 saw significant liquidations of late longs, with onchain metrics suggesting that BTC’s bullish conviction was fading.

Bitcoin dropped 4% to $112,000 in a marketwide correction, liquidating $1.6 billion in longs.

Analysts say the BTC bull market may have run its course, based on several bearish onchain signals.

Bitcoin bears extended sell-side activity into the weekly open on Monday as a drop to $112,000  resulted in a large liquidation of leveraged positions across the crypto market.

Bitcoin showed signs of “cycle exhaustion,” pointing to further downside. 

Bitcoin wipes out liquidity in drop to $112,000

Bitcoin price fell as low as $111,980 on Monday, down 4% in the past 24 hours, amid a broader market tumble, per Cointelegraph Markets Pro and TradingView.

This extended the deviation from the Aug. 14 all-time high of $124,500 to 10% and was accompanied by massive liquidations across the derivatives market.


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