Bitcoin Price: $116.5K Magnet & Fed Rate-Cut Bets
Bitcoin price don bounce back from under $112,000, e test the 50-day exponential moving average near $112,900 as main support. Bitcoin price dey face plenty big short positions for the exchange order book at $116,500, wey dey act like “magnet” fit help carry rally during liquidation. Fed rate cut bets for September don strong because inflation and labor data no too strong, e boost risk sentiment. On-chain data from CryptoQuant show say whales and short-term holders send over 40,000 BTC go exchanges at loss on August 1, e add short-term selling pressure. Despite this wahala, long-term metrics still show net accumulation. More than 160,000 BTC don enter dormant supply in the last one month, and OTC positions dey rise. Traders suppose dey watch the 50-day EMA, the $116,500 level, and on-chain flows well to sabi the best time to enter and exit.
Neutral
Di news dey give mixed signals for Bitcoin price. For di bullish side, di increase for Fed rate-cut bets and long-term on-chain accumulation—more dan 160,000 BTC don add to dormant supply plus di growing OTC positions—support di upside potential. But di significant near-term pressure wey dey come from whales and short-term holders wey dey deposit over 40,000 BTC for exchanges with loss plus di tight exchange order book cluster wey dey $116,500 dey increase di volatility and fit stop di gains. Di technical support for di 50-day EMA around $112,900 dey offer floor, but di balance of liquidation risk and accumulation dey point to sideways action. As result, di overall impact na neutral, traders go likely see amplified price swings and range-bound trading till clear catalyst show.