Bitcoin cools off, falls below $117k after historic rally 

WASHINGTON: Bitcoin fell on Tuesday, pulling back from a record high it reached just a day earlier, as traders booked profits after a sharp rally.  

The world’s largest cryptocurrency was trading near $117,250 by 9:45am Pakistan time, down over 3 per cent in the past 24 hours, according to CoinMarketCap. Earlier in the session, it dropped to an intraday low of $116,858.  

Bitcoin had surged past $123,000 on Monday, setting a new all-time high. The rally was driven by rising institutional interest and hopes for clear crypto rules from US lawmakers. Several crypto-related bills are being debated in Washington this week, in what’s being called “Crypto Week”.  

After the rally, traders expected a brief pause.  

“Bitcoin ran up too fast. This kind of pullback was due,” said a crypto analyst. “People are taking profits and waiting to see what happens next.”  

In the last few hours, Bitcoin has moved between $117,000 and $118,000, showing signs of stabilisation. Trading volumes have slowed as investors turn cautious. 

Analysts say the next key support level is around $115,000. If Bitcoin holds above that, it may recover. But a drop below could trigger more selling. 

Even with the recent dip, Bitcoin is still up more than 30 per cent so far in July. Analysts say long-term demand remains strong, thanks to inflows into Bitcoin ETFs and growing interest from large investors. 

Other major cryptocurrencies also fell. Ethereum dropped nearly 2 per cent, while Solana and Ripple lost more than 3 per cent. 

Traders are now watching for updates from US lawmakers. Any progress on crypto regulation this week could shape Bitcoin’s next move.

The price of Bitcoin in Pakistani rupees currently stands at approximately Rs33.4 million. 

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