Bitcoin dey test $112K support after $670M futures liquidations, e dey eye $140K rally
Bitcoin try support close to $112,000 after US job data trigger small short sell for crypto market, make price fall down to May record high of $111,965. Weekend dip bring about $670 million perpetual futures liquidation, mostly clear long positions, fit even make strong rally possible. Ledn CIO John Glover predict Bitcoin go up reach $140,000 by year end, and 10x Research find $111,965 good risk-reward entry point.
On macro matter, US nonfarm payroll show labour market soften, make Fed rate-cut talk come back for September. This week CPI and PPI inflation report go determine market feeling and fear of risk. Ether get big “buy-the-dip” accumulation from whale, show long term strong believe. Derivatives market cool down as Bitcoin and Ether futures open interest drop, but some traders dey buy call options to try rebound pass $124,000.
Layer-2 network Base overtake Solana for daily token launch, powered by Zora Creator Coins, while liquid staking platform Lido shed 15% of staff to focus more. Traders fit watch Bitcoin $112,000-$118,000 consolidation range and Ether $3,300-$3,800 channel as strong support and resistance levels for possible gain.
Summary be say, Bitcoin successful support test and deleveraging for derivatives market show bullish sign. Watching macro data, on-chain activity and token launch trends for Layer-2 networks go important for next moves.
Bullish
Bitcoin test di $112,000 support level, wey follow wit quick bounce back and wash out of more than $550 million position for long perpetual futures dey show say dem dey clear too much leverage—wey historically be signs for sustainable uptrends. Ledn projection for $140,000 and 10x Research bullish risk-reward entry point dey reinforce di upward momentum. US jobs data plus slow payroll dem don bring back Fed rate-cut expectation, wey dey create better macro background alike before rate-easing cycles wey support crypto markets. Ether whale accumulation shows say institutions get strong belief, while cooling open interest for futures dey show reduced speculative excitement. Together with strong demand for token launch for Layer-2 networks like Base, all these factors dey support bullish market outlook. Both short term and beyond year-end, removal of leveraged positions and positive macro catalysts fit fuel more upside for Bitcoin and wider risk assets.