The price of Bitcoin (BTC) continues to decline and has fallen to $116,000 U.S. as institutional investors sell the largest cryptocurrency and rotate into Ethereum (ETH).
Analysts and traders say that Bitcoin faces a key resistance level at $115,000 U.S. as it slides lower after hitting an all-time high of $123,000 U.S. earlier in July.
Some bearish analysts are forecasting that the price of Bitcoin will drop back down to its previous record high of $111,000 U.S. in August, which is typically a slow period for crypto.
The current correction is not new, however, as Bitcoin frequently cools off after a big run higher.
Usually, BTC retests its previous breakout high, which hasn't happened this time.
The latest pullback in Bitcoin comes as investors large and small rotate into Ethereum, which is in the midst of a breakout.
At its current price of $3,700 U.S., Ethereum has risen more than 50% in the last month and is now at its highest level of the year.
Analysts are now forecasting that ETH could be trading between $8,000 U.S. and $10,000 U.S. by year’s end.
The price of BTC has been slumping as Ethereum continues to run higher. Bitcoin is currently up 24% on the year.
