Bitcoin's price continues to decline in line with the broader crypto market, anticipating volatility ahead of Fed Chair Jerome Powell's speech.
Key Levels for Bitcoin
Bitcoin’s price fell below $112,500, reaching a 17-day low. Analysts emphasize that the $112,000 level is becoming crucial for accumulation, while the $115,000 support level is important for traders. Michael van de Poppe noted that the current price at $113,700 provides a good buying opportunity.
Future Movements of Bitcoin
Analyst AlphaBTC suggests that Bitcoin's price may return to the monthly low of $111,980 before experiencing a potential rise. The $110,000 level is also highlighted as significant, having supported the price since July 10. Historical data indicates that the $100,000 level remains key for bulls.
Impact of Liquidations on Bitcoin's Price
Several traders are monitoring liquidation pressures, with buy orders positioned below $110,000. Data shows a significant number of buy orders around $111,000-$110,000, which could affect future price movements. Meanwhile, the $120,000 level is also of interest as a potential liquidation zone.
Amid current volatility and upcoming market events, it is important to monitor key support levels and potential changes in Bitcoin's price trajectory.
