🚨 Bitcoin tests support at $113K amid global nervousness

Current price and technical structure

BTC is trading at $113,859, fluctuating between $112,482 and $114,283 on the day. It is in a consolidation phase after reaching all-time highs around $124K, reflecting indecision in the short term. The technical structure suggests a possible "lower edge" of a descending wedge.

Key factors (recent context)

The recent decline is attributed to economic concerns in the U.S., with investors reducing exposure to risk assets.

There are reported net outflows of $523M from Bitcoin ETFs, while ETH attracts capital, indicating institutional rotation.

More than 20,000 BTC have been transferred from short-term holders to exchanges, a possible sign of increasing selling pressure.

The price seems to have reached a two-week low at levels of $113K, just before the Fed's Jackson Hole summit.

Technical levels of the day

Support: $113K – key psychological zone and current level

Resistance: $115K–$116K – range where volume would concentrate after the recent correction

Critical zone: Staying above $113K could trigger a bounce towards $115–116K; losing this support could lead the price towards $110K.

Macro/institutional outlook

Today's pullback is attributed to a combination of macro events: higher than expected inflation, nervousness ahead of Powell's speech, and a slowdown in flows into ETFs. Despite this, fundamentals remain intact: institutional adoption continues to advance, and BTC maintains its "digital gold" narrative.

Do you think BTC will bounce back from $113K or will this correction continue towards lower levels ($110K or less)?

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