Bitcoin, that stubborn old mule of a coin, had itself a tizzy Tuesday after crowing to an all-time high above $126k on Monday. The big brass coin slid more than 3% in the last day, sank to a neighborhood around $120,681, and then git up and brushed its coat, hovering near $122k at press time. 🐂💨
The wider parade of altcoins-save for a few stubborn favorites like BNB and CAKE-took a tumble in step with Bitcoin. The whole crypto carnival’s hat size shrank about 3.5%, with the total market cap loungin’ around $4.16 trillion at press time. 🎩💥
Major Reasons Why Bitcoin Price Dropped Today
High Leveraged Flush
After the morning’s scramble, more than $625 million went to the Great Liquidation, mostly from long positions. CryptoQuant tells us Bitcoin’s Open Interests sank more than 5% in a single day-the sort of wipeout that’d make a riverboat captain blink. 🧭💸
Old Whales Reawakening
Following Monday’s thunderhead of a rally, on-chain chatter shows folks taking profits with gusto. About 15,000 BTC, worth near $2 billion, slid onto the exchanges in the last 24 hours, give or take.
Then Tuesday, the grandest whale jig of 2025 commenced: wallets dry as dust for 3-5 years woke up and shuffled 32,322 BTC, worth roughly $4 billion. The sea of hodlers groaned, and the whales clicked their teeth. 🐋💰
What’s Next for BTC Price?
Bitcoin’s dance is still being guided by the high-dollar crowd, a supportive macro horizon, and that merry mood called Uptober. 🌥️💹
$BTC is having its first dip since the $108K to $125K rally, and people are already calling the cycle top again.
Local bottom around $119K, then $130K in October.
– Poseidon (@CryptoPoseidonn) October 7, 2025
From a technical standpoint, BTC looks like it’s lining up to rebound toward a parabolic romp in the weeks ahead. After all, BTC is the digital gold, and gold itself has been on a parabolic tear since mid-August. And the global money supply has been creeping upward, which is a friendly sign for Bitcoin and the wider crypto realm. 🤠🔔
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2025-10-08 00:48