Bitcoin Dey Hold $113K Support, De Reclaim $116.7K, Eye $121K
Bitcoin price don form higher low near $113,000, e give important support for possible recovery. Analysts dey note say if e fit regain the $116,700 resistance, e fit trigger fresh bullish momentum towards short-term targets of $119,600 and $124,400, plus extended upside chance near $126,000–$130,000 if the momentum continue.
Derivative data show trading volume drop by 32.8% to $50.5 billion, while open interest rise 1.1% to $84.35 billion. Options volume fall 59.8% to $1.77 billion. Federal Reserve Chair Jerome Powell speech for Jackson Hole spark near 4% rally for Bitcoin. This move liquidate about $379.9 million short positions, Coinglass talk. Market strategist Michael van de Poppe highlight the sudden uptrend.
Technical analysis for 4-hour chart show steady downward runs wey dem interrupt with rebounds from about $112,666. Support at $113,000 still dey key. To restore bullish structure, need confirm higher low plus break above $116,700.
Traders suppose watch $116,700 level for confirmation. Rising open interest amid lower volume mean say position dey build wey fit make price swings stronger for future. Bitcoin volatility still high, so risk management for crypto trading still important.
Bullish
Dis update dey shout beta future becos Bitcoin don set higher low for $113K, na one classic sign say demand dey strong. If e fit carry back the $116.7K resistance, e go confirm say market structure don change and e fit push price go $121K, just like before wen big Fed events happen. Di Powell-led 4% rally plus $380 million short liquidation show say volatility bin high for past Jackson Hole responses, wey normally dey come before better market run. As open interest heighten but volume dey drop, e mean say traders dey build position, wey fit bring bigger moves wen volatility come back. For short term, if price break pass $116.7K, e fit start relief rally and test levels close to $119.6K and $124.4K. For long term, if price hold above di higher low, e go support wider bull cycle, as long as risk management still dey inside matter for high volatility environment.