Bitcoin Falls Under $115K as $400M Gets Liquidated

Bitcoin is back in choppy waters once more. The top cryptocurrency has fallen below the $115,000 barrier, wiping out over $400 million in long positions to waste and dragging sentiment in the remainder of the crypto market with it. Bitcoin stands at $114,881, 2.63% down, having chopped off more than $100 billion from the total market cap.The sell-off follows the heels of searing U.S. inflation prints that dashed expectations for near-term Federal Reserve interest rate cuts. Higher-yielding assets, such as risk assets, have had impetus stripped from them by a strengthening U.S. dollar, leaving cryptocurrencies vulnerable.For investors, the time is no longer about blockchain fundamentals, but about the global economic landscape. Stocks, bonds, and commodities alike are reacting to the same squeeze, forcing portfolios to rebalance and, for most, relegating Bitcoin to a secondary position.Chart analysts point to a rising wedge pattern, which has now broken to the downside — a bearish technical sign that has investors ready for more volatility. Market specialists point to $112,000 as an important line of support. If that level is crossed, the next stop could be around $105,000.Short-term speculators already are unwinding leverage and cutting back exposure. What others used to view as a setup for one more rally now seems to be a technical drag set to deepen the correction.

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