Bitcoin Price Drops as Selling Pressure Intensifies

Bitcoin’s price experienced a significant drop on Tuesday morning as selling pressure surged in the wake of declining US stocks. The cryptocurrency briefly touched $113,500 before retracing to near two-week lows, falling below $114,000. This downward trend coincides with over $100 million worth of long BTC positions being liquidated within an hour. 100 and 50 day SMA levels act as potential support at $110,950 and $115,875 respectively, while bids are lining up around the $112,000 mark.