Bitcoin dey target $112K support as sell-off slow down breakout
Bitcoin don drop pass $10,000 from e all-time high of $124,500 go down reach around $115,000, wey make traders dey watch the $112,000 support level and fit rebound pass $120,000. Technical indicators like the 21-day SMA dey show say breakout chance don reduce dis week. Some analysts, including CrypNuevo, talk say di sell-off na manipulation to trigger $1 billion liquidations, wey after dat big buyer enter market. Market focus don shift to Federal Reserve’s Jackson Hole symposium, wey chairman Jerome Powell speech fit cause wahala for market with mixed inflation and labor data. On-chain metrics show positive Coinbase premium wey no follow price action, wey mean say demand for US strong—maybe from big corporate buyers like Michael Saylor’s Strategy firm. Meanwhile, Rekt Capital warn say Bitcoin price discovery uptrend usually change direction for week 7, wey fit make short-term pullback happen. Traders suppose dey monitor order-book liquidity around $114,000–$112,000 and $120,000 threshold to figure out next move.
Neutral
Even though Bitcoin na macro trend still dey bullish after six weeks gain, di recent $10,000 pullback and technical signals, including down signal from di 21-day SMA, dey reduce di short-term breakout chance. Manipulation claims and positive Coinbase premium while price dey drop show conflicting signals. Historical pattern show say week 7 of price discovery uptrend dey often lead to correction. Plus, di upcoming Fed policy talk for Jackson Hole and possible wahala from U.S. data and geopolitical gbege dey add uncertainty. So di net effect be neutral: traders dey face balanced upside and downside risks for short and long term.