#FedDovishNow Bitcoin holders "diversify" assets as USD 105K becomes the last bastion of BTC

Bitcoin's gains in Jackson Hole faded after several groups of BTC holders began to diversify. Will the USD 105,000 level be the next stop?

Bitcoin holders "diversify" assets as USD 105K becomes the last bastion of BTC

Market Analysis

Key Takeaways:

The strong Bitcoin rally after Jackson Hole faded in a bearish engulfing weekly candle.

On-chain data shows that USD 105,000 is the key support as mid-sized wallets continue to sell.

Seasonal weakness and ETF fatigue for spot BTC increase the risks of a drop towards USD 100,000–USD 92,000.

Bitcoin

BTC

€94,693

recorded a strong rally on Friday, rising 3.91% to USD 117,300 from USD 111,700, after moderate comments from the Jackson Hole symposium boosted risk appetite.

This marked BTC's highest daily performance since July 10, fueling optimism that new all-time highs could be reached. However, the momentum quickly evaporated, and Bitcoin reversed its trend over the weekend, dropping to USD 110,600 on Monday.