#MarketPullback Here’s the up-to-date snapshot of today’s crypto market pullback:
What’s Driving Today’s Crypto Pullback?
1. Profit-Taking Ahead of Powell’s Jackson Hole Speech
Many investors are trimming exposure before Federal Reserve Chair Jerome Powell’s speech, seeking clarity on interest rate direction. This has triggered selling pressure across major tokens.
2. Whales Moving BTC to Exchanges
On-chain data shows a notable transfer of nearly 12,000 BTC to exchanges, which often signals sell-side readiness and increases bearish sentiment.
3. Overleveraged Liquidations
Appoximately $1 billion in long positions were liquidated recently—$104 million in Bitcoin and $170 million in Ethereum—highlighting the strain on overextended traders.
4. Technical Rejection and Resistance
Key resistance around $116.8K for BTC failed to hold, leading to pullbacks. Analysts point to this level as a critical ceiling for bulls.
5. Market Sentiment Remains Cautiously Optimistic
Despite the dip, many see this move as healthy consolidation rather than a full-blown sell-off. The MVRV Z-Score has turned negative, signaling potential undervaluation and a shift toward longer-term investor confidence.
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Market Snapshot
Segment Movement Today Key Drivers
Bitcoin (BTC) Down $113K region) Profit-taking, whale activity, technical rejections
Ethereum (ETH) Down $4.15K region) Spillover from BTC, levered liquidations
Altcoins Mixed performance Some under pressure (e.g., XRP, ADA), but select opportunities emerging
Sentiment Consolidative, not panic Undervaluation signals and contrarian buying indicators
What Analysts Are Saying
Institutional Interest Still Intact: Forecasts suggest a breakout above $123K–$125K for BTC could reignite a rally toward $130K, driven by ETF inflows and institutional demand. Conversely, a break below $112K may trigger a drop toward $108K–$105K.
Whales Are Buying the Dip: Despite the dip, institutional players are stepping in to accumulate, reshaping sentiment from bearish to neutral-to-positive.