Bitcoin hovered around $112,934 as Wall Street opened on Thursday, remaining under pressure despite news of a US-EU trade deal.
Crucial Price Points for Bitcoin
Analyst Rekt Capital noted that Bitcoin is struggling to break above the $114,000 resistance level. He warned that a convincing drop below this level could trigger further price declines, especially with the weekly close approaching.
Impact of Jackson Hole Symposium
Trader Daan Crypto Trades highlighted a crucial support range between $109,850 and $111,900. Breaking below this level may undermine Bitcoin's market structure in light of the recent FOMC meeting, which implied a return to consolidation periods. Investors are keen to focus on Fed Chairman Jerome Powell's speech on Friday, which could affect rate cut expectations.
Support and Market Structure of Bitcoin
Exchange data from CoinGlass indicated sturdy bid liquidity beginning at $112,900, aligning with Thursday’s lows. Meanwhile, the US-EU trade deal had little effect on stock markets like the S&P 500 and Nasdaq, which remained flat.
Amid market uncertainty, Bitcoin faces critical support and resistance levels. Powell's speech could influence the future dynamics of both Bitcoin and other assets.
