- Bitcoin dropped nearly 5% in one week, falling from its all-time high of $124K to $115,500.
- Analysts highlight $115,000 as a key support level to watch in the short term.
- US PPI data triggered macroeconomic concerns, weighing on both Bitcoin and altcoins.
- Ethereum slid 3.12% in 24 hours, holding support at $4,600 after peaking near $4,784.
- Altcoins like Cardano (+15%) and BNB showed resilience, signaling continued institutional inflows.
Bitcoin Price Faces Pressure After Record High
Bitcoin (BTC) has entered a consolidation phase, dropping nearly 5% in one week to trade around $115,500, after briefly reaching a new all-time high of $124,000 last Wednesday.
Also Read: Bitcoin Price Enters 7th Week Uptrend as Historical Patterns Signal Pullback
At 10:16 AM IST, Bitcoin was down 2.02% in 24 hours and 5.08% on the weekly timeframe, according to market data. Analysts suggest that Bitcoin could retest the critical $115,000 support level, with possible downside risks if macroeconomic pressures persist.
Vikram Subburaj, CEO of Giottus.com, commented:
“Bitcoin has dropped 5% on the weekly timeframe and is likely to test key support at $115,000. With gold and silver likely to rally, Bitcoin and key altcoins may have a troubled week ahead after US PPI data reignited macro concerns last week.”
Ethereum and Altcoins Follow Bitcoin’s Trend
Ethereum (ETH) also mirrored Bitcoin’s correction, slipping 3.12% in 24 hours to trade at $4,340. While ETH has held relatively strong on the weekly chart, it remains down 10% from its recent high of $4,784.
Subburaj emphasized that the $4,600 level now acts as crucial support, with ETH poised for another breakout if institutional inflows continue.
Also Read: Bitcoin Cash Nears Breakout as 7-Year Downtrend Faces Collapse
Meanwhile, altcoins showed mixed performance:
- Cardano (ADA) gained 15%, showing strong momentum.
- Binance Coin (BNB) edged closer to its all-time high, benefiting from rising altcoin inflows.
This broader altcoin strength suggests that institutional investors remain active, even as Bitcoin consolidates.
What Investors Should Watch Next
With Bitcoin consolidating and macroeconomic data creating uncertainty, analysts recommend caution in deploying fresh capital until the correction stabilizes. Key levels to monitor:
- Bitcoin support at $115,000
- Ethereum support at $4,600
- Altcoin momentum from institutional inflows
If Bitcoin holds above $115,000, the next move could set the tone for the broader crypto market.
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