Bitcoin hovers at $112,859, with resistance at $115K and support near $112K.
ETF outflows of $523 million and futures liquidations add downside pressure.
Powell’s Jackson Hole speech may trigger volatility across crypto markets.
Bitcoin is attempting a rebound after tumbling to an 18-day low, but the path to recovery looks anything but smooth. Trading at $112,859, the world’s largest cryptocurrency is caught between heavy resistance above $115,000 and mounting downside risks around $112,000.
The latest Bitcoin Price trends reflect growing investor uncertainty. With technical indicators flashing caution and investor sentiment subdued ahead of Federal Reserve Chair Jerome Powell’s speech at Jackson Hole, Bitcoin’s next move could set the tone for the broader crypto market.
Bitcoin’s decline began after it failed to sustain above the $115,000 mark earlier this week. The price dropped sharply, breaching both the $113,500 and $113,000 supports, before briefly touching a low of $112,150.
Analysts released a new Bitcoin Price Prediction for the coming quarter. Since then, it has managed to recover slightly but remains well below the 100-EMA, signaling that sellers are still in control. Rising Crypto Market Volatility is impacting both traders and long-term holders.
Currently, the key upside hurdle lies at $114,800, which coincides with a bearish trendline on the hourly chart. A successful breakout above this zone would bring Bitcoin to the critical $115,000-$115,500 resistance band.
If bulls can clear this area, the next major target sits at $118,300, aligning with the 50% Fibonacci retracement of the recent slide from the $124,420 swing high. Beyond that, psychological barriers at $120,000-$121,500 loom large.
On the downside, immediate support is visible at $113,500, followed by the week’s low at $112,400. A deeper fall could drag the price toward $111,500, with the final line of defense resting near $110,000.
The Powell Jackson Hole speech is expected to influence cryptocurrency sentiment. A break below that would expose Bitcoin to the $108,000 region, where stronger buyers are likely to step in.
All eyes are on Federal Reserve Chair Jerome Powell’s much-anticipated speech at the Jackson Hole Economic Symposium, set for later today. Traders are looking for hints on whether the Fed will maintain high interest rates or signal an easing path after signs of cooling in the US labour market.
Analysts believe a hawkish Powell could strengthen the US dollar and weigh heavily on Bitcoin, pushing it toward lower support.
Conversely, any dovish tilt may revive risk appetite and help BTC retest the $118,000-$120,000 zone. Until then, volatility is expected to remain elevated.
Adding to the bearish momentum, US spot Bitcoin ETFs witnessed $523.31 million in outflows on Wednesday, the sharpest withdrawal since June. Grayscale and Fidelity led the redemptions, signaling reduced institutional demand in the short term.
Meanwhile, futures markets saw $2.3 billion in open interest wiped out, with over $100 million in leveraged long positions liquidated during the slide.
These forced sell-offs amplified Bitcoin’s drop from above $124,000 earlier this month to its current range below $113,000. Traders remain wary of further liquidation cascades if BTC slips under $111,500-$110,000.
Despite retail caution and ETF outflows, institutional investors continue to quietly accumulate. Hong Kong-based Ming Shing Group recently disclosed a $483 million purchase of 4,250 BTC at an average cost of $113,638.
Similarly, Japanese firm Metaplanet added 775 BTC to its treasury this month, raising its total holdings to nearly 18,900 BTC.
On-chain data paints a mixed picture: while active addresses have declined, suggesting reduced retail participation, whale wallets and long-term holders now control close to 5 million BTC.
Analysts see this as a bullish long-term signal, showing strong conviction from large investors even as short-term sentiment weakens.
Also Read: Bitcoin Price Near $113,245 as Investors Await Fed Clarity
Technical analysis suggests that momentum is fragile but stabilizing. The Relative Strength Index (RSI) hovers around 44, still in bearish territory, while the MACD remains negative but is showing signs of slowing downside momentum.
For bulls, a decisive reclaim of the $115,000-$116,000 zone is critical to flip the structure back toward recovery. If that happens, Bitcoin could make a run toward $120,000-$121,500 in the coming sessions.
On the flip side, a breakdown below $112,000 would likely test $110,000, and any failure there could send BTC spiraling toward $108,000-$105,000, marking a deeper corrective phase.
Bitcoin’s current struggle at $112,859 underscores the fragile balance between bullish recovery hopes and bearish pressures from macroeconomic uncertainty. With Powell’s Jackson Hole speech, the market may soon find clarity on whether BTC can reclaim higher ground or risk another leg down.
While traders brace for volatility, long-term holders and institutions continue to view dips as accumulation opportunities, hinting that Bitcoin’s broader bull cycle may still be intact despite the short-term turbulence.
Why is Bitcoin struggling below $115,000?
Because resistance at $115K coincides with bearish trendlines and ETF outflows.
What is Bitcoin’s key support level now?
BTC has strong support near $112,000, with $110,000 as the last line of defense.
How could Powell’s speech impact Bitcoin?
A hawkish tone may strengthen the USD and push BTC lower, while dovish signals could aid recovery.
Are institutions still buying Bitcoin?
Yes, groups like Ming Shing and Metaplanet continue accumulating BTC despite retail caution.
What’s Bitcoin’s near-term outlook?
BTC must reclaim $115K-$116K for recovery, else risk sliding toward $110K-$108K.
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