Bitcoin Price Range $112K–$120K Before Powell Speech
According to QCP Capital, Bitcoin price eased from $118,000 to $115,000 and Ethereum dropped from $4,500 to $4,300, triggering over $400 million in long liquidations. This continues last week’s 5% pullback, during which DeFi liquidations exceeded $1 billion amid profit-taking. Funding rates have turned negative, and risk reversals favor puts, reflecting market caution ahead of the Jackson Hole symposium.
Despite higher-than-expected PPI data (0.9% vs. 0.2%) adding Fed policy uncertainty, BTC remains range-bound at $112,000–$120,000. Institutional demand stays robust: Metaplanet bought 775 BTC over the weekend. Traders now eye Fed Chair Powell’s speech for a potential breakout. Ongoing BTC accumulation by institutions could lay the groundwork for the next market move once macro uncertainty fades.
Neutral
This update is classified as neutral because Bitcoin and Ethereum remain range-bound ahead of a major Fed event, reflecting neither strong bullish momentum nor bearish breakdown. Short-term, negative funding rates and sizable liquidations signal trader caution similar to past Jackson Hole precedents when volatility compressed before Fed announcements.
However, robust institutional demand—evidenced by Metaplanet’s 775 BTC purchase—points to accumulation that often precedes bullish moves once uncertainty lifts. Higher PPI numbers inject macro risk, but historical patterns show that sustained institutional buying can offset short-term pullbacks, laying groundwork for a rally. Overall, traders should expect limited directional moves until Powell’s remarks, followed by increased volatility that could tilt bullish if Fed rhetoric supports continued easing.