Crypto Price Today: Bitcoin in choppy trade, slips to 7-week’s low. Is it time to buy the dip?

Bitcoin (BTC) traded sideways on Wednesday, slipping over 0.2% in the last hour and hovering near $1,11,375.99. The token is at its lowest level in nearly seven weeks after retreating from the record high of $1,24,457.12 on August 14. BTC is currently down over 10% from that peak.

Profit booking was also seen in other major altcoins, including Ethereum (ETH), XRP, Solana, BNB, Dogecoin, Tron, Shiba Inu, and Toncoin. Meanwhile, Avalanche gained 0.2% at $24.56, extending its lead to nearly 5% in the past 24 hours.

According to CoinSwitch Markets Desk, BTC is trading in a choppy sideways range oscillating around $1,10,000. “After multiple failed attempts to break lower, momentum shifted, and a rally pushed BTC from $1,10,000 up to $1,12,200. However, the rally quickly lost steam, where sellers stepped in, triggering a pullback back toward the $1,11,000–$1,11,500 zone,” it said.BTC is consolidating slightly above $111K, and BTC ETFs recorded over $250M in inflows over the past two days, ending a six-day outflow streak, CoinSwitch added.Parth Srivastava, Head of Quant at 9Point Capital’s Research Team, said that BTC faces short-term downside pressure, with a potential dip likely in the coming sessions. He views this as a healthy pullback within an ongoing bullish structure. “Mid-term fundamentals remain strong, supported by robust ETF flows and resilient on-chain activity. Investors may consider using corrections as strategic accumulation opportunities ahead of the next potential upside expansion,” Srivastava noted.

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In a separate development, US Commerce Secretary Howard Lutnick announced that the department will publish economic data, including GDP, on the blockchain to expand blockchain-based data distribution across government agencies.BTC’s weakness has boosted Ether, which has seen significant traction from investors. ETH hit an all-time high of $4,955 on Sunday.In the last 24 hours, ETH has gained over 4%, with more than $570M in inflows across the last two days, $443.9M of which came on Monday alone.“Binance saw $1.65B in stablecoin deposits alongside nearly $1B in ETH withdrawals, marking the second time this month net inflows topped $1.5B, a signal of renewed capital entering the spot market,” CoinSwitch said.

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