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Headline:
Bitcoin Hits New All-Time High, Then Drops Below $119K Amid Profit-Taking and Policy Signals
Body:
Bitcoin (BTC) briefly touched a record $124,000 today, surpassing Google’s market cap and securing its place as the 5th most valuable asset in the world. However, strong profit-taking and over $1 billion in market liquidations pushed the price down to $118,800.
The drop came after hotter-than-expected U.S. PPI data weakened hopes for an imminent Fed rate cut. Adding to the pressure, the U.S. Treasury announced it will not be buying more Bitcoin reserves, dampening investor sentiment.
Still, analysts call this a “healthy pullback,” with institutional interest, ETFs, and infrastructure expansion—such as Google’s $3.7B deal with TeraWulf—keeping the long-term outlook bullish.
Closing Line:
Short-term volatility aside, Bitcoin’s foundation remains strong, and the rally may not be over yet.