Crypto Pullback: Big-Picture Things Wey Dey Behind BTC, ETH, XRP Drop
Di crypto market dey face fresh crypto pullback for di top tokens dem. Bitcoin don fall from im all-time high $124,000 reach around $115,630 (−6.5%). Ethereum fall 5.2%, dey test $4,300 support level. XRP slip 3.8%, while Solana and Dogecoin fall 6.0% and 5.2% respectively.
This crypto pullback come from macroeconomic indicators. Wholesale price data don cause fear say high interest rate go last long. Treasury Secretary Scott Bessent talk say dem no get plan to increase US Bitcoin reserves. Analysts dey point say Federal Reserve Chair Jerome Powell remarks for Jackson Hole Symposium go important. Any hawkish signal fit make loss deep; dovish cues fit stabilize prices.
Market expert Doctor Profit talk say Bitcoin go dey trade sideways inside 8% range reach September, with sharper correction later inside di month. Meanwhile, on-chain data show big wallet accumulation plus healthy funding rates, meaning say no too much immediate selling pressure dey.
Bearish
Di recent pullback dey caused by bad macro data, worries about high interest rates plus lack of new Bitcoin reserves from big institutions. Normally, quick sharp rallies to all-time highs dey usually followed by corrections as traders dey lock in their profits when Fed policy still dey uncertain. With Jerome Powell talk wey dey come from Jackson Hole soon, any hawkish talk fit cause more price down. Doctor Profit warning say September fit get deeper correction, e make traders dey cautious for short term. But on-chain accumulation plus good funding rates fit help medium term recovery once rate cuts dem start to happen. Overall, traders suppose get ready for more volatility and possible bearish period.