Bitcoin Stalls Below $110K After Hitting New All-Time High

Bitcoin (BTC) surged to a record high of $109,754 on Wednesday before sharply retreating to around $106,000, slipping nearly 3% amid profit-taking and broader market concerns. As of press time, BTC was trading just above $107,000, modestly lower over the past 24 hours, according to CoinDesk’s Bitcoin Price Index.

The rapid pullback follows a nearly 50% gain over the past five weeks, as traders locked in profits after the rally. Market sentiment was also shaken by a weak U.S. Treasury auction of 20-year bonds, which sent the 30-year yield soaring to 5.07%, its highest in over two years. This spike triggered a sharp selloff in equities, with the Nasdaq falling 1.5% and the S&P 500 down 1.3% in just an hour.

Josh Mandell, a former fixed-income veteran turned Bitcoin analyst, called the event a “ticking time bomb,” warning of potential systemic risk if bond rollovers continue to falter.

Other top cryptocurrencies followed suit, with Ethereum (ETH) and Solana (SOL) also posting slight declines after earlier gains.

Crypto market volatility remains heightened due to reduced liquidity since late 2024. Kirill Kretov of CoinPanel noted the thinner order books make Bitcoin more susceptible to sharp swings, despite structural room for future upside.

The $110,000 mark has emerged as a key resistance level, with a noticeable concentration of sell orders and short positions, especially on Binance perpetual futures. Popular trader Skew described it as a critical liquidity zone, where market direction may pivot.

While Bitcoin’s long-term momentum remains bullish, analysts caution that price corrections are likely amid macroeconomic headwinds and tightening financial conditions.