Bitcoin Dropped 8.87% from All-Time High, Now Priced at US$113,000

Bitcoin (BTC) dropped 4.95% to US$113,000 in a week, Wednesday (20/08). This means that the digital asset has decreased by 8.87% from its all-time high of US$124,000 reached last week.
Not only that, Ethereum (ETH) also experienced a larger decline of 9.89% to US$4,100, XRP dropped 9.86% to US$2.89. This decline was followed by Solana (SOL) which plummeted by 7.04% to US$180.
The decline in Bitcoin is caused by the spread of negative macroeconomic sentiment and weakening technical signals. It is known that the Nasdaq 100 fell by 1.5% after the latest MIT Nanda report stated that 95% of artificial intelligence projects (AI) fail commercially.
Not only that, the new tariffs of the United States (AS) on 407 steel and aluminum products have also raised concerns among investors of risky assets about economic slowdown and inflation spikes.
This makes investors reluctant to take risks, causing the dollar to strengthen and putting pressure on Bitcoin prices. The surge in the 30-day delta skew options to 12% indicates extreme fear among derivative traders.
Technically, Bitcoin failed to maintain an important support level at US$115,000, which triggered the liquidation of long positions worth US$113 million. Indicators such as RSI ( at 40) and an increasingly negative MACD indicate high selling pressure. The price is also below the 50-day average.
If this pressure continues, the price could drop to the next support at US$111,943, while a recovery may only occur if BTC breaks back above US$118,200.
Institutions are also contributing to the decline of Bitcoin. Bhutan transferred nearly 800 BTC to a custodian wallet, likely for sale, which adds selling pressure from large investors or whales.