The second week of September for Bitcoin is marked by high uncertainty, with possible price corrections and changes in institutional investments.
Bitcoin Prices and Correction Forecasts
At market close, Bitcoin hovered around $112,000, facing fears of a potential 10% correction or more. Trader CrypNuevo highlighted $106,700 as a key support level. Fibonacci retracement analysis identifies $100,000 as a critical support line, with other analysts predicting a drop to $87,000 in case of a 30% correction.
Key Economic Data
This week, important economic data, including Producer Price Index (PPI) and Consumer Price Index (CPI), is expected. Market predictions indicate a potential reduction in interest rates by the Fed. Inflation is on the rise, and increasing labor market weakness has fueled criticism of Fed policy, raising concerns about a possible recession.
Institutional Investment Dynamics and Whale Behavior
Recent data shows a shift in institutional flows from Bitcoin to Ether, yet the past weeks have seen an influx of $444 million into Bitcoin ETPs. Meanwhile, whales are reducing their BTC holdings, cutting reserves by over 100,000 BTC, reminiscent of the last bear market experiences in 2022.
Currently, Bitcoin faces multiple challenges, including potential price corrections and the dynamics of institutional investments. Given the current economic conditions and large investor behavior, the market remains in a state of anticipation.
