Bitcoin Drops Below $110,000 Amid Profit-Taking and Whale Sell-Off

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Bitcoin fell to a six-week low of $109,317, dropping below the $110,000 threshold as traders engaged in significant profit-taking. The decline follows a brief rally after Fed Chair Powell’s hints at a potential rate cut.

Analysts cite a combination of factors for the drop: fading momentum after hitting resistance, a reassessment of the Fed’s timing, and a major market event where a single entity sold 24,000 BTC (worth ~$2.6B).

This triggered a wave of liquidations in derivatives markets. Additional political uncertainty was introduced after President Trump fired Fed Governor Lisa Cook.