Bitcoin News Today: Bitcoin Drops 3.39% as $121K Barrier Proves Unsurmountable XRP Falls 8.37% in Selloff

Bitcoin’s price has retreated below $115,000, marking a 3.39% decline over the past 24 hours as the cryptocurrency struggles to maintain momentum above critical resistance levels. According to market data, the pullback reflects traders’ reactions to the asset’s repeated failure to break through the $121,000 threshold, which has historically served as a psychological and technical barrier [1]. The selloff has drawn Bitcoin closer to a key support zone near $112,000, a level that could determine the next phase of its price trajectory.

The decline has reverberated across the broader cryptocurrency market, with altcoins like XRP experiencing even steeper losses. XRP fell 8.37% in the same timeframe, underscoring the interconnected nature of digital asset movements and the dominance of Bitcoin as a market bellwether [1]. Analysts attribute the retreat to profit-taking and eroding confidence among bullish participants following the inability to sustain gains above $121,000. This dynamic highlights the fragility of short-term optimism in a market still grappling with unresolved technical hurdles.

From a technical perspective, the 3.39% drop does not yet invalidate the long-term bullish case for Bitcoin but signals a period of consolidation. Historical patterns suggest that the cryptocurrency often retests resistance levels before resuming upward trends, particularly during accumulation phases. However, the immediate focus remains on the $112,000 support level, which, if breached, could trigger further selling into the $105,000–$108,000 range [1]. Traders are closely monitoring whether institutional demand or macroeconomic clarity might reignite buying pressure, though current conditions suggest a cautious stance.

The broader market context adds nuance to the analysis. While some market participants view the correction as a healthy adjustment within an ongoing uptrend, others interpret it as a sign of waning institutional participation or regulatory uncertainty. The absence of prominent institutional commentary in recent analyses further underscores the current phase of market hesitation [1]. Retail-driven volatility remains a defining feature of crypto markets, but the lack of sustained macroeconomic catalysts—such as interest rate shifts or global economic stability—continues to weigh on sentiment.

As Bitcoin consolidates near $115,000, the path forward will depend on its ability to reclaim key psychological levels and attract renewed liquidity. A decisive break above $121,000 could reignite bullish momentum, while a sustained move below $112,000 may prolong the current bearish phase. Until then, the market is likely to remain in a state of flux, with traders balancing short-term corrections against the long-term narrative of Bitcoin’s potential.

Source: [1] [Bitcoin and XRP Pull Back, But Bulls Have Reason for ...] [https://decrypt.co/331438/bitcoin-xrp-price-pull-back-bulls-optimism-analysis]