Bitcoin Price Analysis: BTC Drops Below $116,000 After Failing To Crack Resistance

Bitcoin (BTC) experienced a sharp decline on Friday after failing to surpass the resistance level around the $118,000 ￰0￱ decline suggests bears are unlikely to give up their positions ￰1￱ the flagship cryptocurrency can break above $120,000, it could set the stage for new all-time ￰2￱ dropped over 1% on Friday and is marginally up during the ongoing ￰3￱ Adds To Bitcoin Holdings BitTreasury, a firm backed by Winklevoss Capital, has announced the purchase of 111 BTC , taking its total holdings to 1,111 ￰4￱ latest purchase makes BitTreasury the 43rd largest corporate holder of ￰5￱ latest purchase comes amid growing competition between Bitcoin treasury firms, as more companies add BTC to their balance sheet in anticipation of long-term ￰6￱ latest purchase indicates continuing confidence in Bitcoin’s role and capability as a reserve ￰7￱ Could Get Boring Thanks To Institutional Interest Strategy executive chairman Michael Saylor believes that Bitcoin could become less exciting as institutional interest in the asset ￰8￱ to Saylor, the asset’s appeal to institutional investors could come at the cost of the thrill and volatility that attracts retail ￰9￱ stated during a podcast, “You want the volatility to decrease so the mega institutions feel comfortable entering the space and ￰10￱ conundrum is, well, if the mega institutions are going to enter, if the volatility decreases, it is going to be boring for a while, and because it’s boring for a while, people’s adrenaline rush is going to drop.

It’s like they had this big high and now the adrenaline is wearing off and they’re a little bearish.” Saylor stated that this is a natural part of Bitcoin’s life cycle and that volatility coming out of the asset is a good thing. Saylor’s comments come as investors question why BTC’s price has stalled after surging to a new high on August ￰11￱ speculated that markets had already priced in the September 17 rate cut. However, further rate cuts later this year could push Bitcoin to new all-time ￰12￱ To Unlock Third Tranche For September Disbursement The FTX Recovery Trust, the entity tasked with overseeing the distribution of funds from the crypto exchange to customers, has announced plans to unlock a $1.6 billion tranche for distribution in ￰13￱ to the announcement, the funds will be distributed on September 30, and creditors will receive the funds in their accounts within three business ￰14￱ distribution also includes a 6% payout for Dotcom Customer Claims, 40% distribution for US Customer Entitlement Claims, and a 24% distribution for General Unsecured Claims and Digital Asset Loan Claims.

Lastly, convenience claims will receive a 120% reimbursement as part of the ￰15￱ (BTC) Price Analysis Bitcoin (BTC) is struggling to gain momentum despite the Federal Reserve’s announcement of a rate ￰16￱ flagship cryptocurrency reached an intraday high of $117,998 on Thursday before settling at $117,117. Selling pressure returned on Friday as the price fell 1.22% and settled at $115,690. The current session sees BTC marginally up, trading around $115,860. Markets remain bullish on BTC , with Caleb Franzen, creator of financial research resource Cubic Analytics, stating, “It’s almost like good things have happened since Bitcoin broke above its anchored volume-weighted average price from the ATHs.” However, trading resource Material Indicators warned that liquidity was building around the price, which could result in volatile ￰17￱ analysis added, “While I feel like the macro is solidly bullish and the top isn't in yet, this currently feels more like a short-term exit pump than ￰18￱ will tell.” BTC started the previous weekend in positive territory, rising 0.49% despite selling pressure and settling at $116,106.

However, price action turned bearish over the weekend as the flagship cryptocurrency registered a marginal drop on Saturday, falling 0.56% on Sunday and settling at $115,314. The price rallied to an intraday high of $116,802 on Monday but lost momentum after reaching this level, ultimately settling at $115,381. Bullish sentiment intensified on Tuesday as BTC rallied, rising 1.25% to $116,832. The price fell to an intraday low of $114,724 on Wednesday.

However, it rebounded from this level to reclaim $116,000 and settle at $116,484, ultimately dropping 0.30%.