BTC/USD drops below $116K amid risk-off sentiment in Asia

Bitcoin retreated 2.1% to $115,400 during Monday's Asian session, falling below the psychologically important $116,000 level as risk sentiment soured across financial markets. The cryptocurrency's decline coincided with a broader pullback in risk assets following a quiet weekend that saw no major developments from anticipated geopolitical meetings. The absence of positive catalysts from the Trump-Putin discussions left markets directionless, prompting profit-taking in speculative positions. Technical analysis shows BTC/USD breached its ascending trendline support at $116,200, opening the path for a potential test of $114,000 where the 21-day moving average provides support. The relative strength index has turned lower from overbought territory, suggesting further consolidation is likely. Traders are monitoring traditional forex pairs for correlation signals, as risk-off flows typically benefit safe-haven currencies like JPY and CHF against commodity currencies.