Bitcoin Price Range $112K–$120K Before Powell Speech
QCP Capital tok say Bitcoin price don comot from $118,000 go $115,000 and Ethereum drop from $4,500 go $4,300, wey make long liquidations more than $400 million. Dis one follow last week 5% pullback, weh DeFi liquidations pass $1 billion as people dey collect profit. Funding rates don turn negative, plus risk reversals dey favour puts, wey show say market dey watch well well before Jackson Hole symposium.
Even as PPI data wey high pass wetin dem expect (0.9% vs. 0.2%) make Fed policy dey uncertain, BTC still dey between $112,000 and $120,000. Institutional demand strong: Metaplanet buy 775 BTC for weekend. Traders dey watch Fed Chair Powell speech for any chance of breakout. The way institutions still dey collect BTC fit be the base for wetin market go do next time as macro uncertainty clear.
Neutral
Dis update na classify as neutral because Bitcoin and Ethereum still dey range bound before one big Fed event, e no show strong bullish momentum nor bearish breakdown. For short term, negative funding rates and big liquidations dey signal say traders dey cautious, like that time for Jackson Hole wey volatility reduce before Fed talk. But strong institutional demand—wey Metaplanet buy 775 BTC show—mean accumulation wey normally dey happen before bullish moves once uncertainty clear. Higher PPI numbers bring macro risk, but history show say steady institutional buying fit balance short-term pullbacks, set ground for rally. Overall, traders suppose expect limited directional moves till Powell talk, then volatility go increase wey fit turn bullish if Fed speech support continued easing.