Bitcoin Stays Above $113,600 as Solana and Dogecoin Gain 4%
Bitcoin (BTC) is currently trading above $113,600 following a slight rebound. Traders are awaiting Federal Reserve Chair Jerome Powell's address for insights on potential rate cuts in September.
Key points include:
- Solana’s SOL and Dogecoin (DOGE) experienced a 4% increase, while XRP, BNB, Ethereum (ETH), and Tron (TRX) rose between 1%-3%.
- Weak jobs data has heightened expectations for easing monetary policy, although inflation remains a concern.
- The fear and greed index fell to 44 from 75 within six days, reflecting deteriorating market sentiment.
- Bitcoin dipped to $112,500 earlier this week, with the possibility of dropping below $108,000 opening a path to $100,000.
- On-chain data indicates short-term Bitcoin holders are selling at a loss, suggesting market fragility.
- Lower trading volumes despite price highs indicate a potential local top, with some attributing Bitcoin's rise to dollar depreciation rather than actual value growth.
Traders are preparing for volatility as Powell's comments may influence market direction, with dovish remarks potentially leading to relief rallies.