Important collection restaurants
BTC’s general question fell from more than 170,000 BTC to 50K BTC in August. Despite the macro risks in the short term, speculators have increased bets at $ 120k $ 130k price target.
Bitcoin’s [BTC] The overall question from ETF complex and treasury companies has fallen sharply, which further accelerates the recent withdrawal from $ 124k to $ 112.5k.
According to Julio Moreno, the research head of Cryptoquant, the delay was mainly behind The price racement.
Source: Cryptuquant
From more than 170k BTC At the beginning of August, the appetite dropped more than triple to 50k BTC at the time of the press. However, analysts also warned of extra macro -opposite wind in the short term.
Powell’s position, liquidity problems
The expectations of the potential reduction of September will be reduced under the renewed control before the speech of the Federal Reserve chairman Jerome Powell on August 22, on the Jackson Hole Symposium.
For his part, Wall Street analyst Tom Lee has projected That Powell will probably take a ragless attitude, but the markets will meet afterwards.
At the same time, the potential dollar -reading outlet can also derail BTC bulls in the coming weeks, according to the head of Coinbase, David Duong. Delphi Digital also shared a similar carefully warning.
Duong argued that the American treasury will probably borrow more money (about $ 400 billion) from the markets and could acidify sentiment for BTC and Crypto in the short term. But he added”
“This explains why Bitcoin lost the trend alongside many equity names. But we think the path Voorwaarts looks more clearly in September.”
Source: X
Will BTC’s $ 110k support hold?
This raises the question – will support $ 110k tear Before this macro pressure?
Well, option traders gave a contrary bet. It is remarkable that the market positioning of options has reached record heights according to Glassnode.
In fact, speculators scoop More calls (bullish bets) aimed at $ 120k $ 130k, making it mark as an important upward target.
Source: Glassnode
That said, any further downward risk can be accelerated if the BTC knew the cost basis in the short term (STH) of $ 108k.
This level has worked an important support and resistance level in the past. Therefore, if $ 110k support failed, this can be the next level to pay attention to a potential rebound in the light of the above macro pressure.
Source: Checkonchain
In general, Bulls, especially at the Optiekant, considered the recent pullback as a chance for a discount of a discount for a potential rally to a new peak.
Whether they can withstand or collapse for macro pressure can still be seen.