Bitcoin dey face $115K support pressure inside US inflation
Bitcoin drop 2.4% for August 18, bring am down reach low of $115,222 after US producer price index (PPI) data pass expectation dem. Dis small fallback stop the run wey happen from last week's record high of $124,128 as the high inflation figures spoil hope for Fed to cut rate. Bitcoin now dey trade close to critical support zone of $115,000–$112,500, if e break dat zone e fit drop reach $110,000. Ethereum go down 4.3% land for $4,287, meanwhile Chainlink reverse trend with 1% gain. The crypto market Fear & Greed Index stand for 56, which mean say sentiment dey neutral. The spot ETF flows show people dey rotate money, no be total withdrawal: inflows enter BlackRock’s IBIT balance outflows from Grayscale and ARK Bitcoin ETFs. Key triggers dis week na the Jackson Hole symposium for August 22 and US initial jobless claims for August 21. Traders go focus on Wetin Fed Chair Powell talk to find clue about rate policy. Bitcoin support levels and ETF activities still big triggers for short-term trade.
Bearish
Di bearish view na way from di US inflation data (PPI wey strong pass wetin dem expect, e kill di hope for rate-cut, cause Bitcoin snap back 2.4% and e test di $115,000 support. Normally, similar PPI surprise dem—like July—stop rally and cause more correction. Even though spot ETF flow go products like BlackRock's IBIT dey show rotation, e never fully balance di pressure wey dey push down. Short term, traders fit still dey careful, make volatility increase if key support no hold. Long term, ETF adoption and macro cleareness fit provide floor, but momentum now dey favour di bears until new bullish catalyst show.