Basic Points:
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Bitcoin heads back below $ 113,000 to Wall Street Open as the Bulls will not fail clinic support.
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BTC price manipulation is an explanation for the downside, with the bid-bid-bid liquidity.
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More volatility in the crypto market is expected from the Federal Reserve’s Jackson Hole event.
Bitcoin (Btc) seek new local lows on Wednesday Wall Street Open as the Bulls struggle to stop a recurrent US sale.
Bitcoin price pressure returns a “spoofy whale”
Data from Cointelegraph Markets Pro and Tradingview The BTC/USD followed as it sank below $ 113,000 after it was announced first after the daily open.
Bid liquidity was taken with exchanges at the time of writing, with $ 112,300 today a level of interestevery data from coinglass.
“$ BTC has taken a bunch of liquidity on both sides over the past 6 weeks, as it has reached the same region of price,” the famous businessman Daan Crypto summarizes liquidity conditions in his Latest post on x.
“The biggest cluster is now sitting around $ 120k and of course the local range of less than $ 112k is still played. Look at those places as they often act as local reversal zones and/or magnets when the price is close to them.”
Keith Alan, co-founder of materials of trade resource material, has suggested that more liquidity in the bid appears to be lower order book — including the “Plunge protection” at $ 105,000 – May be a form of price manipulation.
Alan identified the creatures that to whom he cooked the phrase “Spoofy the Whale” and the “known bid” – both suitable to artificially influences price action In recent months.
“It is also close to making any assumptions, but the influence in the price direction will be the same,” he ended.
“The bids moving the lower one invites the price to move less.”
Continuing, popular commentator Thekingfisher has warned that Bitcoin may “bleed” yet, which will have significant consequences for altcoins.
“Altcoins are currently showing a balanced skew. We can see a minor retrace aimed at liquid shorts with high leverages. The momentum remains stable,” part of an x post Read During the day.
“However, we will see a gradual bleeding, cascading block through the block. While the majors remain stable, a 5% BTC transfer may have a 10-30% drops in ALTS.”
A silver lining derived from popular businessman and analyst Capital, comparing the current price action to the previous bull-market correction.
“One of the most positive things about this current pullback is the same type of rethrace that has occurred at the same moment in the twist in both 2017 and 2021,” he said X followers.
“In both 2017 and 2021, each of the retraces preceded the new one at all times of highs.”
All eyes on Fed’s Powell at Jackson Hole
During the minutes of the US Federal Reserve’s meeting July Federal Open Market Committee (FOMC), the trading firm QCP Capital looked at the Friday’s speech by Chair Jerome Powell.
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Under heavy pressure to cultivate interest rates, Powell takes the stage to the Fed’s annual Jackson Hole Economic Symposium.
Number Cointelegraph reportedLast year the details of the Powell Channel were found about the upcoming rate cuts. His language will be watched by the markets looking for Confirmation That September meeting will result in the outcome.
“High stakes: setting the financial policy path while markets balance inflation against increasing labor risks,” QCP wrote in the latest “it”Color Asia”Update on Wednesday.
“Markets are currently pricing an 80-95 % possibility of a 25 – basis – point cut to 17 Sep FOMC, but incoming data can quickly move expectations.”
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