BTC Drops Under $121K Amid Cooling Gold and Silver Gains

Bitcoin Dips Below $121K as Silver Hits $50 Amid Profit-Taking

Bitcoin’s rally faltered Thursday morning, dropping below $121,000 after briefly trading near $124,000 ahead of the U.S. market open. The decline coincided with profit-taking in gold and silver.

Silver hit $50 per ounce for the first time, up 50% from April lows, but the milestone sparked a rapid pullback of about 4% to $48.55. Gold also eased, falling over 1% from $4,100 to $4,035 as short-term momentum turned choppy, though medium-term support remains if macro conditions stay favorable, analysts said.

Altcoins were hit harder, with Ether down 3.5% to $4,300, and BNB and DOGE losing 3–4%. Bitcoin’s dominance rose to 59.4%, its highest in nearly eight weeks, signaling a rotation back to the largest crypto.

Crypto derivatives markets also felt pressure, with over $600 million in leveraged positions liquidated in the past 24 hours, according to CoinGlass.