Bitcoin Sinks Below $118,000: Understanding the Market Dip

Bitcoin’s price has experienced a significant drop below the $118,000 mark, prompting questions about the cryptocurrency market’s direction. Experts attribute this downturn to a confluence of factors including macroeconomic uncertainties, large-scale profit-taking by institutional investors and traders, and technical barriers. While short-term fluctuations are inherent in the crypto landscape, this dip underscores its volatility. To gain clarity on Bitcoin’s current state, let’s unpack the key contributors to the market drop.