Bitcoin shows signs of ‘cycle exhaustion’ as BTC price tumbles to $112K

Bitcoin’s drop to $112,000 saw significant liquidations of late longs, with onchain metrics suggesting that BTC’s bullish conviction was fading.

Key takeaways:

Bitcoin dropped 4% to $112,000 in a marketwide correction, liquidating $1.6 billion in longs.

Analysts say the BTC bull market may have run its course, based on several bearish onchain signals.

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