Bitcoin slipped to around $113,638 on Wednesday, August 20, while Ether traded near $4,176 as the crypto market cooled after recent highs.
Bitcoin slips near $113K as market pullback tests key support levels
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The cryptocurrency market has entered a cooling phase after weeks of strong gains, with both Bitcoin and Ether sliding in the last 24 hours. On Wednesday, August 20, Bitcoin traded near $113,638 (approximately Rs. 98.8 lakh), down 1.5 percent on international exchanges. Ether hovered at $4,176 (around Rs. 3.63 lakh), easing 1.53 percent, according to CoinMarketCap data.
On Indian exchanges, Bitcoin slipped below Rs. 94.5 lakh, while Ether remained above Rs. 3.44 lakh. Market analysts linked the correction to a combination of ETF outflows, macroeconomic headwinds, and fragile investor sentiment.
Highlighting institutional flows, CoinSwitch markets desk said: “Bitcoin is trading near $113,550, down roughly 1.6 percent, while Ethereum hovers around $4,144, retreating nearly 2.8 percent amid risk-off sentiment and over $400 million in market-wide liquidations. ETF flows reinforced the cooling optimism—Bitcoin spot ETFs saw approximately $523 million in outflows, and Ethereum ETFs experienced outflows of ~$415.9 million, led by Fidelity.”
Macroeconomic triggers added further pressure. Edul Patel, Co-founder and Chief Executive Officer of Mudrex, said: “Bitcoin is trading above the $113,400 mark as global markets react to Trump's 50 percent additional tariffs on aluminium and steel products. These tariffs have raised concerns about economic contraction in the US, creating a risk-off sentiment. Plus, Bitcoin Whales have added over 20,000 BTC in the past week, showing strong demand for the asset. For now, Bitcoin needs to defend the $112,000 support.”
Avinash Shekhar, Co-founder and Chief Executive Officer of Pi42, pointed to sentiment as the main driver. “The crypto market is caught in a fragile movement, where sentiment is swinging faster than prices themselves. Inflation worries, fading demand, and profit-taking have weighed on momentum. Fear is clearly the dominant drive right now, but history shows such stretches often mark transition zones.”
As major altcoins are under stress, analysts say September could prove crucial for investors.
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