Bitcoin Price Drops to $111k: Are We Entering a Bear Market?
Bitcoin (BTC) climbed to an all-time high of $124,128 earlier this month, on Aug. 14. BTC’s price has fallen by more than 10% since its peak. According to CoinCodex, Bitcoin’s price has faced a drop of 1.4% in the last 24 hours, 1.4% over the last week, 6.6% in the 14-day charts, and 5.9% over the previous month. Despite the price correction, BTC is still up by 87.8% since August 2024. Source: CoinGecko Will Bitcoin’s Price Continue To Drop? Source: Twitter Bitcoin’s price has seen a gradual decline over the last two weeks, consistently registering lower lows. The pattern suggests BTC could continue to dip over the coming days. Bitcoin’s price drop may have been triggered by increased profit-taking after the asset climbed to a new all-time high. The rally earlier this month was likely due to lower CPI (Consumer Price Index) figures for the month of July. The trajectory changed after higher PPI (Producer Price Index) numbers were reported. One whale sold 24,...