Bitcoin once fell below the $110,000 mark, analysts say the uptrend momentum is weakening.

Against the backdrop of increasing overall market uncertainty, traders continue to profit from previous market rebounds, leading to the price of Bitcoin falling below $110,000 for the first time in over six weeks. Rachel Lucas, a cryptocurrency analyst at BTC Markets, said, "This pullback is driven by profit-taking, technical resistance, and changes in interest rate expectations. Last Friday, Bitcoin briefly touched $117,000 before reversing course, with the formation of a 'lower high' pattern indicating weakening upward momentum." Lucas pointed out that as investors reassess the possibility and timing of interest rate cuts, the positive sentiment from Powell's speech is gradually fading. Lucas stated that recent reports show a "whale" selling 24,000 Bitcoins, triggering a series of liquidations in the derivatives market, further exacerbating market uncertainty. Analyst Lucas said, "The entire cryptocurrency market saw a single-day liquidation amount exceeding $9 billion. Funds that were previously rotating between Bitcoin and Ethereum are now shifting towards more widespread risk aversion strategies."