Bitcoin Dips to $115K Amid Profit-Taking and Weak Macro Data
Bitcoin price pulled back to around $115,000, a 6.8% drop from its Aug. 14 all-time high of $124,128. Fresh macro data—the U.S. Producer Price Index rising more than expected—dampened hopes for near-term interest rate cuts, limiting risk appetite. At the same time, large holders moved to lock in gains: Binance net inflows flipped positive last week, while exchange reserves climbed, signaling profit-taking among whales. Market indicators show Bitcoin below the Bollinger Band midpoint, with critical support at $114,600 and the relative strength index approaching oversold levels. A sustained break below $114,000 could open a decline toward $112,000, whereas a recovery above $117,500 would signal renewed bullish momentum. Traders should watch exchange flows, macro releases, and technical levels for clues to Bitcoin’s next move.
Bearish
The news is bearish for Bitcoin. A higher-than-expected Producer Price Index dampened rate-cut hopes, reducing risk appetite across speculative assets. Simultaneously, Binance’s shift to net inflows and rising exchange reserves indicate that large holders are selling into strength. Technical indicators—Bitcoin trading below the Bollinger Band midpoint and RSI nearing oversold—suggest downside momentum may persist. Historically, post-ATH profit-taking driven by macro headwinds often leads to corrections of 5–10%, as seen after previous rallies in 2021 and early 2024. In the short term, traders should brace for support tests around $114,000–$112,000, while long-term investors may view these levels as buying opportunities if macro conditions stabilize.