BTC Price Action and Market Support
BTC price action maintains the “bull market support channel” in a classic dip to support.
Gold reaches new all-time highs as views on Bitcoin emphasize its role as a macro hedge.
Bitcoin (BTC) reached $112,500 following the Wall Street open on Wednesday, as traders gradually turned bullish on BTC price movements.
Data from TradingView indicated that BTC/USD was making an effort to regain critical support levels.
These support levels included $112,000 itself, which constituted the bottom of a significant area of ask liquidity on exchange order books.
According to data from CoinGlass, the price was able to take out a portion of that liquidity, with the remainder extending to $114,000.
Noting the market situation, well-known trader CrypNuevo emphasized the crucial support battles currently underway. “This looks like an attempt to reclaim Support 1, which would lead to a move back inside the range,” he mentioned in an X post.
CrypNuevo pointed out that only two weeks remain until a potential bullish catalyst for risk assets arrives — an interest-rate cut by the US Federal Reserve set for Sept. 17.
The post referred to this week’s local lows of $107,270 as a “false move,” while fellow trader BitBull highlighted a classic bounce at support. “$BTC perfectly bounced back from its bull market support band,” he shared with X followers, referring to a channel created by two moving averages.
As reported, numerous market participants remain bearish across various timeframes, anticipating a retest of $100,000 as early as this week.
Macro Volatility Insights
In terms of macro volatility, trading firm QCP Capital believes the odds are tilting in Bitcoin’s favor moving forward.
“Two cuts this year look reasonable, but keep an eye on breakevens, as new tariffs could push expectations higher,” they summarized in their latest “Asia Color” market update.
Data from CME Group’s FedWatch Tool supports that market expectations for an interest-rate cut in September are currently above 95%.
This article does not offer investment advice or recommendations. Every investment and trading decision carries risk, and readers are encouraged to conduct their own research before making any decisions.
