Bitcoin shows signs of ‘cycle exhaustion’ as BTC price tumbles to $112K
Bitcoin’s drop to $112,000 saw significant liquidations of late longs, with onchain metrics suggesting that BTC’s bullish conviction was fading.
Key takeaways:
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.