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Bitcoin (BTC-PKR) slid to around $112,819 by early-morning Pakistan Standard Time before quietly creeping to $113,118. However, the drop is significant as it is coming from a recent high near $116,000. The pullback marks a second consecutive session of losses amid rising uncertainty ahead of key macro and geopolitical events.
Investors remain cautious as the Federal Reserve meets this week, widely expected to cut interest rates by 25 basis points but with many participants wary that the central bank might signal fewer or no further cuts.
Meanwhile, markets are also keeping a close eye on an upcoming meeting between Donald Trump and Xi Jinping, a summit seen as a potential turning point in U.S.-China trade relations. Heightened trade tensions earlier this month triggered sharp crypto drawdowns, highlighting how global risks are now entwined with digital-asset price action.
Analysts claim that while inflows into spot Bitcoin ETFs have turned positive, they remain well below levels seen in previous bull runs. This indicates that, despite the rally in recent months, the market’s momentum is not yet broad-based.
Bitcoin’s slide came alongside weakness in major altcoins. Ethereum (ETH-PKR) dropped roughly 1.1% to about $4,023 while BNB, Solana and Cardano all declined between 1% and 2%.
Broader market cap also slipped to an estimated $3.8 trillion, reinforcing that digital-asset ecosystems remain vulnerable to shifts in macro sentiment.
Technical analysts highlight the $112,000 level as a critical breakout threshold, surpassing it could pave the way toward $115,000 and beyond. Conversely, failure to hold support near $109,800 would open the door to a deeper retest around $108,000.
Traders are also monitoring volume patterns, exchange balances and on-chain flows for signs of accumulation or distribution. The absence of strong inflows and rising geopolitical risks mean upside will likely require strong confirmation rather than catch-up moves.
