Bitcoin drop under $106K, Powell no wan talk about rate cut timeline
Bitcoin don continue dey fall, e drop underneath di $106,000 support level and e wipe out di gains wey happen from last week 7.32% rally. Traders dem react to Federal Reserve Chairman Jerome Powell own “wait and see” position for di ECB forum, where e no talk any time for rate cuts. Political pressure like how President Trump talk against am publicly, plus di calls for Powell to commot becos of high interest rates, dey make market dey shake more.
Di bigger macro situation still dey add wahala. Senate don push one $3.3 trillion tax and spending bill, US tariff wey dem put for Japan still dey, and equity markets go get low liquidity around Independence Day. On-chain data and low spot volumes show say people dey take profit, and Bitcoin ETF flows don turn negative after 15 days wey money dey enter. Analysts dey warn say consolidation fit happen or e fit drop go $92,000–$93,000, key support na round $98,700 cost basis wey short-term holders hold.
Crypto traders need dey watch how Bitcoin dey perform compare to July trends wey dey historical, wetin Federal Reserve dey signal, tariff developments, and ETF flow dynamics. All dis ones go drive short-term wahala and go help for long-term position decisions.
Bearish
Dis news dey bearish for Bitcoin. Powell no gree commit to rate-cut timeline plus political wahala wey dey from White House dey increase short-term uncertainty plus selling pressure. Price don drop below $106K, negative ETF flows and on-chain profit-taking dey show say momentum weak. Macro factors like tariffs, big spending bill and holiday liquidity constraints still dey make market sentiment worse. Even though analysts dey see potential support around $92K–$93K and long-term optimism for Q3, immediate outlook still cautious with more volatility.