Bitcoin fell below 121 thousand dollars, gold and silver are stagnant.

Sudden Pullback in Bitcoin

On Thursday morning, Bitcoin was trading just below $124,000, when it suddenly dropped below $121,000. This movement occurred as the gold and silver markets, which had previously reached record levels, also retreated.

The Bitcoin rally had started approximately ninety minutes before the opening of the US markets. However, this rise quickly reversed. In recent days, gold has been the most talked-about topic, while the increase in silver also caught attention. Silver reached the $50 per ounce level for the first time. However, with reaching this level, a rapid profit-taking occurred, and the price fell by 4. Currently, silver is trading at $48.55.

Daniela Sabin Hathorn, a senior market analyst at Capital.com, commented, "In the short term, momentum looks complicated as technical indicators increasingly point to overbought territory; in the medium term, the desire to maintain levels above $50 will continue as long as macroeconomic indicators and real yield conditions remain stable."

Continued Decline in Altcoins

Altcoins have been more affected by the overall pullback. Ethereum lost 3.5%, dropping to $4,300. Similarly, BNB and Dogecoin also saw declines in the 3-4% range. With the risk-averse movements, Bitcoin's total market share in the crypto market reached its highest level in the last eight weeks, surpassing 59.4%. This situation indicates that investors are directing their capital towards the largest crypto asset.

The crypto derivative markets were also affected by this pullback, with reports indicating that over $600 million in leveraged positions were liquidated in the last 24 hours.