Bitcoin fell to an intraday low of $117,914 due to $47.5 million in liquidations triggered by resistance near $119,000, yet the overall bullish trend remains intact as bulls attempt to reclaim key levels.
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Bitcoin’s price dropped amid heavy liquidations in a high-leverage zone between $118K and $119K.
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Market dominance is shifting from Bitcoin to Ethereum, with ETH gaining share due to strong ETF inflows.
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Analysts highlight critical resistance at $119,500, with potential for a rally if broken decisively.
Bitcoin dips to $117,914 amid $47.5M liquidations; bulls target $119K resistance. Discover market shifts and expert insights on BTC’s next moves.
Why Did Bitcoin’s Price Dip to $117,914 Today?
Bitcoin’s price declined sharply to $117,914 as it entered a high-leverage zone packed with long positions between $118,000 and $119,000. These positions, often entered hastily amid FOMO, were vulnerable to forced liquidations when BTC failed to break above resistance. This cascade of selling pressure pushed prices lower, highlighting the fragility of the current rally.
What Does the Liquidation Heatmap Reveal About BTC’s Resistance?
The 24-hour liquidation heatmap shows dense clusters of long positions vulnerable to liquidation in the $118K-$119K range, while a strong resistance zone exists between $120,000 and $120,600 due to concentrated short positions. This dynamic has repeatedly capped Bitcoin’s upward momentum, causing sharp sell-offs on each attempt to reclaim $119,000.

How Is Market Sentiment Shifting Between Bitcoin and Ethereum?
Market momentum is rotating from Bitcoin to Ethereum and altcoins. Bitcoin’s dominance has dropped by 4.98% over the past month, while Ethereum’s market share increased by 2.98%. This shift is driven by strong inflows into spot ETH ETFs, totaling over $1.8 billion this week compared to $72 million for Bitcoin, signaling growing investor interest in Ethereum’s ecosystem.
What Impact Does This Capital Rotation Have on Altcoins?
The increased demand for Ethereum has spilled over into high-beta altcoins such as Solana, Avalanche, and Chainlink. Traders are seeking higher volatility opportunities amid Bitcoin’s stalled breakout attempts, fueling price gains and trading volume in these alternative assets.
Is the Bitcoin Bull Run Over or Still Alive?
Bitcoin’s bull run is not over yet, but caution is warranted. CryptoQuant analysts note that Bitcoin’s MVRV ratio is approaching levels historically associated with cycle tops. The 365-day moving average forms a double-top pattern similar to 2021, suggesting a potential peak in September or a reversal as early as late August. A decisive break above $119,500 is critical for sustaining the rally.

What Are the Key Technical and Macro Factors Influencing BTC?
Bitcoin is testing a long-term trendline, with a weekly close above $119,500 potentially triggering a rally toward $135,000. Improving macroeconomic sentiment, including progress in U.S. trade negotiations and potential dovish signals from the Federal Reserve, could enhance risk appetite and support Bitcoin’s price in the near term.
Frequently Asked Questions
What caused the $47.5 million in Bitcoin liquidations recently?
The liquidations occurred as Bitcoin failed to break above the $119,000 resistance zone, triggering automatic sell-offs of leveraged long positions concentrated in this price range.
How does Bitcoin’s market dominance affect altcoin performance?
When Bitcoin’s market dominance declines, capital often rotates into altcoins like Ethereum, Solana, and Avalanche, leading to increased volatility and price gains in these assets.
Key Takeaways
- Bitcoin’s price dip to $117,914: Triggered by liquidations in a high-leverage zone near $119K resistance.
- Market rotation: Ethereum and altcoins gain market share as Bitcoin dominance declines.
- Critical resistance level: A break above $119,500 is essential for Bitcoin’s next rally phase.
Conclusion
Bitcoin’s recent price dip reflects short-term selling pressure amid strong resistance near $119,000. However, the broader bullish trend remains intact as market momentum shifts toward Ethereum and altcoins. Investors should watch for a decisive break above $119,500, which could signal renewed upward movement, supported by favorable macroeconomic conditions and technical factors.