Bitcoin Tops $112,000, Then Falls 2.1% in Intraday Trading
On August 25, Bitcoin (BTC) briefly surged past $112,000, reaching $112,014.90 on OKX, but ended the day down 2.09%. The intraday volatility highlights ongoing market uncertainty in the cryptocurrency sector. Traders are watching key resistance near $112,000 and support around $110,000 for potential entry points. This pullback could attract short-term scalpers, while longer-term investors assess whether BTC can stabilize amid broader crypto market dynamics.
Bearish
The intraday drop of 2.09% following Bitcoin’s brief climb above $112,000 indicates a short-term bearish sentiment. Similar pullbacks at local highs have in the past led to brief consolidation phases before resuming upward momentum, as seen in early July when BTC tested $30,000 resistance. Traders may interpret the rejection near $112,000 as a sign to book profits, fueling further selling pressure in the near term. However, if support near $110,000 holds, this correction could present a buying opportunity, potentially setting the stage for another rally. Long-term investors are likely to remain focused on broader adoption catalysts and macroeconomic factors to judge whether this is a temporary pullback or the start of extended weakness.