Bitcoin Falls Below $112K Ahead of Key US Data.
Bitcoin slips below $112K as investors await key US economic data.
FUNDAMENTAL OVERVIEW:
Bitcoin slipped below $112,000 on Thursday following a brief rebound, as investors remained cautious ahead of key US economic releases and after Federal Reserve officials signaled a measured approach to future rate cuts.
The cryptocurrency had recovered modestly on Wednesday, approaching $114,000, but failed to sustain momentum. Earlier in the week, a sharp sell-off erased roughly $1.5 billion in long positions across crypto exchanges, rattling sentiment across the digital asset market.
Traders now turn their attention to Friday’s August Personal Consumption Expenditures (PCE) price index, expected to show core inflation near 2.9% year-on-year, above the Fed’s 2% target. Meanwhile, most altcoins extended losses amid a broader risk-off environment.
BTC/USD TECHNICAL ANALYSIS DAILY CHART:
Technical Overview:
BCT/USD is trading within an up channel.
BTC/USD is moving below all the Moving Averages (SMA).
The Relative Strength Index (RSI) is in Buying Zone, while the Stochastic oscillator suggests Negative trend.
Immediate Resistance level: 113909
Immediate support level: 111284
HOW TO TRADE BTC/USD
BTC/USD, after a sustained rally, faced rejection and formed a Bearish Engulfing pattern at the top, triggering a reversal to the downside. The pair attempted a recovery but failed to hold gains and fell again. Currently, BTC/USD is trading near a key support zone, and a break below this level could open the way for further declines.