The largest digital asset by market cap experienced a historic price surge since last Wednesday as it skyrocketed by over $15,000 within less than a week.<\/p>\n
On its way up, it broke all barriers and previous all-time high and set a new record at just over $123,000. It briefly became the fifth-biggest global asset by surpassing silver, Alphabet (Google), and Amazon, before it settled<\/a> at sixth position following a somewhat expected price correction.<\/p>\n Nothing really goes up in a straight line. All price pumps are accompanied by corrections, and this is particularly true for the ever-volatile cryptocurrency market. During the aforementioned rally<\/a>, BTC was in a \u201cup only\u201d mode for days, and this correction seemed overdue, according to some experts.<\/p>\n When an asset jumps by roughly 10% in such a relatively short period, certain investors might want to secure some profits, especially when they have been waiting for it to break out of consolidation for months.<\/p>\n Data from some of the largest cryptocurrency analytics platforms confirms this narrative. CryptoQuant repoted<\/a> that large investors had realized profits of more than $1.5 billion within a day or so.\u00a0Glassnode went even further, indicating that all investors have booked<\/a> profits of somewhere up to $3.5 billion. Data from Arkham shows<\/a> that even the government of Bhutan started to sell off some of its BTC holdings.<\/p>\n Glassnode also said the ratio between Long-Term Holders (LTH) and Short-Term Holders (STH) has signaled a trend reversal, which suggests early signs of profit taking.<\/p>\n Sharp drop in the $BTC<\/a> LTH\/STH Supply Ratio and a flip in 30D % change from accumulation to distribution suggest early signs of profit-taking. After months of steady LTH inflows and rising price, this could mark a turning point. Key metric to watch for trend reversal. pic.twitter.com\/eLj8DL3X1C<\/a><\/p>\n \u2014 glassnode (@glassnode) July 15, 2025<\/a><\/p>\n\n Before the correction started to materialize, CryptoPotato<\/em> outlined<\/a> four potential factors that could lead to such a retracement. What we didn\u2019t mention at the time was the looming US CPI data, which went live<\/a> today and was slightly higher than expected \u2013 a development typically regarded as bearish for riskier assets like crypto.<\/p>\n As usual, the community is split when it comes to predicting where the cryptocurrency market (and especially its leader) is heading next. Some are envisioning<\/a> price pumps to $200,000, claiming that the bullish trend remains intact, while others warned<\/a> that BTC\u2019s gains have neared their climax.<\/p>\n Santiment also weighed in on the matter, noting that BTC\u2019s social media dominance had risen to over 43% of all discussions following its meteoric rise to over $123,000. Such a sudden spike suggests that many traders are \u201cFOMO-ing in,\u201d which could be concerning.<\/p>\n Consequently, the analytics resource advised people to \u201cwait for the euphoria to cool down some, and you\u2019ll likely find another key entry point coming up.\u201d<\/p>\n As Bitcoin\u2019s market value crept above $123.1K for the first time in its 17+ year history, there was an equally historic social dominance spike. 43.06% of all crypto discussions were about $BTC<\/a> just as the coin\u2019s market value was peaking.<\/p>\n Though it\u2019s generally a fantastic sign\u2026 pic.twitter.com\/rvxGW27vk0<\/a><\/p>\n \u2014 Santiment (@santimentfeed) July 15, 2025<\/a><\/p>\n\n The post Why Did Bitcoin\u2019s Price Crash by $6K Daily and Where Is BTC Heading Next?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" The largest digital asset by market cap experienced a historic price surge since last Wednesday as it skyrocketed by over $15,000 within less than a week. On its way up, it broke all barriers and previous all-time high and set a new record at just over $123,000. It briefly became the fifth-biggest global asset by […]<\/p>\n","protected":false},"author":0,"featured_media":80939,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-80938","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/80938"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=80938"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/80938\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/80939"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=80938"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=80938"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=80938"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Why Was That Correction?<\/h2>\n
Where to Next?<\/h2>\n