After a powerful run toward new highs, Bitcoin slipped back below $121,000 on Thursday following a short-lived push toward $124,000. The move mirrored pullbacks in gold and silver, both of which had reached record or near-record levels earlier in the day.
Silver briefly hit $50 per ounce for the first time ever, but heavy profit-taking sent it tumbling more than 4% within minutes, stabilizing around $48.5. Gold also cooled off, retreating from its $4,100 peak to about $4,035.
The quick reversal in metals appeared to spill over into the crypto markets, with Bitcoin giving up early gains and altcoins dropping even more sharply. Ether fell 3.5% to $4,300, while BNB and DOGE also slid 3–4%.
At the same time, traders continued to rotate capital toward Bitcoin amid the broader risk-off sentiment, pushing Bitcoin dominance above 59.4% — the highest level in nearly two months.
Compounding the uncertainty, the U.S. government shutdown began weighing on investor sentiment, delaying key economic data releases and adding to macro anxiety. The result: over $600 million in leveraged positions liquidated across digital assets within just 24 hours, according to CoinGlass.
In summary:
- Bitcoin: From $124K → $121K in 90 minutes
- Gold: From $4,100 → $4,035
- Silver: Hit $50, then dropped to $48.5
- Altcoins: Down 3–4% across the board
- $600M liquidated in leveraged positions
The last 24 hours perfectly illustrate the fragile balance between optimism and overextension in markets riding on macro momentum and speculative heat. While the fundamentals behind Bitcoin remain intact, volatility shows that sentiment can turn in seconds when metals, macro, and momentum collide.
Read the full article on CoinDesk:
👉 Bitcoin Slides Below $121K as Gold and Silver Rallies Take Breathers