Bitcoin News Today: Bitcoin drops 2.21% as market correction pushes price toward $112,000 support

Bitcoin risks further downward movement as the cryptocurrency market experienced an unexpected correction, pushing the digital asset closer to a key support level of $112,000 [1]. The decline began with sharp losses in the two leading cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), which retreated from recent highs amid broader market weakness [1].

According to data from CryptoSlate, Bitcoin fell more than 3% over the past 24 hours, slipping from above $118,000 to around $115,303 at the time of writing [1]. Ethereum also dropped roughly 4%, settling at $4,270, ending a recent streak of gains [1]. The correction extended to the top 10 cryptocurrencies by market capitalization, including XRP, Binance Coin (BNB), Solana, Dogecoin, and Cardano, each of which posted average declines near 4% [1].

Matrixport, a digital asset analytics firm, noted in an Aug. 18 report that Bitcoin’s break below the long-term downtrend line—an area that had previously provided support—was unexpected [1]. The firm suggested that this sudden pullback could lead the price to test the $112,000 level ahead of the U.S. Federal Reserve’s September rate decision [1]. The analysts highlighted the technical positioning of Bitcoin between $112,000 and $117,292, suggesting two possible strategies for traders: buying strength on a breakout higher or waiting to accumulate closer to the $112,000 support level [1].

In addition, the market's focus will likely shift to the Federal Open Market Committee (FOMC) meeting on Sept. 17 for clearer guidance, as the upcoming Jackson Hole Economic Symposium is not expected to provide substantial market-moving signals [1]. The firm described the symposium as more of a discussion forum than a catalyst for price action [1].

The sudden decline also triggered a wave of liquidations across the crypto markets. According to CoinGlass data, approximately $534 million in leveraged positions were liquidated, affecting over 127,000 traders [1]. Long positions bore the brunt of the losses, accounting for $447 million, while short positions totaled around $86 million in losses [1]. Ethereum traders were particularly hard-hit, with liquidations amounting to $212 million—nearly double the $111 million lost by Bitcoin traders [1]. Solana, XRP, and Dogecoin traders also faced significant losses of $31 million, $18 million, and $17 million, respectively [1].

As of 9:16 am UTC on Aug. 18, 2025, Bitcoin was ranked 1 by market capitalization with a price of $115,405.77, a 2.21% decrease over the past 24 hours [1]. The total cryptocurrency market was valued at $3.89 trillion, with a 24-hour trading volume of $167.73 billion [1]. Bitcoin’s dominance stood at 59.02%, reflecting its continued influence over the broader crypto market [1].

Source: [1] Bitcoin risks further slide toward $112,000 after surprise market correction (https://cryptoslate.com/bitcoin-risks-further-slide-toward-112000-after-surprise-market-correction/)