Bitcoin Slides Below $121K as Silver Hits $50 and Gold Pulls Back
Bitcoin’s attempt to push toward record highs stalled Thursday morning, dropping below $121,000 after briefly trading near $124,000 ahead of the U.S. market open. The decline came amid profit-taking in gold and silver.
Silver surged 50% from April lows to reach $50 per ounce for the first time, but the milestone sparked a swift sell-off, sending the price down about 4% to $48.55. Gold also eased, retreating over 1% from $4,100 to $4,035. Analysts note that momentum remains choppy in the short term, though demand could support precious metals above key levels if macro conditions remain favorable.
Smaller cryptocurrencies fared worse. Ether dropped 3.5% to $4,300, while BNB and DOGE lost 3–4%. As a result, Bitcoin’s market dominance rose to 59.4%, its highest level in nearly eight weeks, signaling a rotation back into the largest crypto.
The move rippled through derivatives markets, with over $600 million in leveraged positions liquidated across crypto in the past 24 hours, according to CoinGlass.
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