Bitcoin Don Fall Below $116K Support Amid Macro Wahala
Di recent Bitcoin support waka hold pass $116,000 dey show how market sabi shake as macroeconomic wahala dey increase. Matrixport yarn say people dey chop profit steady and make dem dey careful for positions, e come make selling pressure strong, push price go down $114,714.42—3.5% drop for di past week. Trading volume don drop almost 14%. Even with di wahala, some big buyers still dey: MicroStrategy buy 21,021 BTC for average price $117,256, show say dem still get confidence for key resistance level. Analysts talk say if no clear policy catalyst or better economic signs, Bitcoin price go still dey low. Traders make dem dey tactical and dey watch U.S interest rate and big macro data for possible market catalysts.
Bearish
Di brek di $116,000 support level na mean say di bearish pressure don increase, dis show say technical plus fundamental weakness dey. Before, similar mid-summer pullbacks—wey happen for 2023 and 2024 because macro slowdowns—dem cause short-term fall before market comot small back. Di steady worry about U.S. interest rate and big holders wey dey take profit don make selling strong pass institutional buys like MicroStrategy wey buy 21,000 BTC. Even though dis kain buying mean people get long-term confidence, lack of clear policy wey go push market or better economy mean say market fit still go down. Short term, di wahala fit make Bitcoin land for next support round $112,000. Long term, if institutional demand come back and regulators bring better policies, market fit stable but till then people still dey bearish.