Bitcoin Price Tests Support Level of $111,965 Before Recovery
Bitcoin (BTC) experienced a price drop to around $111,965 after the U.S. jobs report raised recession concerns. It has since recovered to approximately $114,700. This decline resulted in about $670 million in losses on perpetual futures, mainly affecting long positions.
Key points include:
- John Glover from Ledn predicts BTC may reach $140,000 by year-end.
- 10x Research identifies $111,965 as an attractive entry point for traders.
- The U.S. labor market slowdown may influence Fed interest rate cuts, impacting risk assets.
- Ryan Lee of Bitget expects BTC to consolidate between $112,000 and $118,000 this week.
- A whale purchased millions in ETH, indicating long-term conviction in the asset.
- Base surpassed Solana in daily token introductions due to Zora's Creator Coins growth.
- Lido laid off 15% of its workforce to focus on sustainable growth.
Macro updates include upcoming U.S. CPI and PPI inflation readings that will clarify market outlooks. Traditional markets showed mixed results, with S&P 500 futures rising over 0.5%.
Market Movements
- BTC is trading at $114,393, up 0.19%.
- ETH is at $3,556.82, up 1.82%.
- CoinDesk 20 index increased by 1.40% to 3,766.02.
Technical Analysis
- BTC's dominance is at 61.98%.
- CME Futures open interest decreased to 138,445 BTC.
- On-chain crypto perpetual futures volume reached $400 billion in July.
Overall, investors should monitor technical indicators and macroeconomic data this week for informed decision-making.