Bitcoin Price Analysis: BTC Taps $113,000 As Investors Hope For Rate Cut Relief

Bitcoin (BTC) has continued to recover, rising for a third consecutive day as the flagship cryptocurrency briefly crossed the $113,000 ￰0￱ flagship cryptocurrency is up nearly 1%, trading around $112,768, with buyers looking to cross the $114,000 mark. BTC’s recovery is aided by institutional interest and recent purchases by the likes of ￰1￱ firm recently announced its latest Bitcoin purchase worth $217 ￰2￱ Announces Bitcoin (BTC) Purchase Michael Saylor’s Strategy has announced the purchase of 1,955 BTC worth $217 ￰3￱ latest acquisition takes the company’s Bitcoin holdings to 638,460 BTC , valued at over $71 ￰4￱ to a filing with the Securities and Exchange Commission (SEC), the company funded the purchase using net proceeds from its active at-the-market equity offering ￰5￱ to its aggressive Bitcoin strategy, Strategy has successfully converted its stock into an avenue to accumulate digital assets without straining day-to-day ￰6￱ executive chairman Michael Saylor has called BTC the “apex asset of the 21st century.” Spot Bitcoin ETFs Start Week Positively Spot Bitcoin ETFs started the week in positive territory on Monday, registering $368 million in net ￰7￱ recovery snapped a two-day outflow streak, which registered outflows of around $387 million.

Meanwhile, total trading volume across Bitcoin ETFs surged to $3.02 billion over the course of the day, with total net assets reaching $145.41 ￰8￱ inflows helped offset earlier losses and lifted cumulative net inflows back to $54.86 ￰9￱ Whales Have Dumped 115,000 BTC Over One Month Bitcoin whales have dumped a whopping $12.7 billion in BTC over the past ￰10￱ believe that if such large sales continue, it could put substantial selling pressure on the price for the next few ￰11￱ analyst caueconomy stated, “The trend of reducing exposure by major Bitcoin network players continues to intensify, reaching the largest coin distribution this year.” The analyst added that whale reserves have fallen by 100,000 BTC in the last 30 days, indicating risk aversion by large ￰12￱ stated the selling pressure by these selloffs is “penalizing the price structure in the short term” and was the reason the flagship cryptocurrency slumped below $108,000.

The current selloff has seen whales dump 114,920 BTC worth around $12.7 billion. “At this time, we are still seeing these reductions in the portfolios of major players, which may continue to pressure Bitcoin in the coming weeks.” The seven-day daily change balance also reached its highest level since March 2021, with over 95,000 BTC shifted that week. However, the latest selloff has been countered to an extent by institutional ￰13￱ Ruck, director at LVRG Research, stated, “While recent whale sell-offs have triggered short-term volatility and liquidations, institutional accumulation adding more BTC during the same period has provided a structural counterbalance.” Bitcoin (BTC) Price Analysis Bitcoin (BTC) has seen a sharp recovery as it starts a crucial week on a bullish ￰14￱ ended the weekend on a bullish note, rising nearly 1% to cross $111,000 and settle at $111,129.

Buyers retained control on Monday as BTC rose 0.85% to cross $112,000 and settled at $112,072. The current session sees the price marginally up, trading around $111,960. Analysts had predicted BTC could begin a sustained push towards $115,000 if it cleared the key $113,000 level. However, it has stalled yet again after briefly crossing $113,000 and reaching an intraday high of $113,292.

Meanwhile, a look at order book liquidity reveals a thick line of asks extending to $114,500. Some traders believe the resistance at this level could be a deliberate attempt to influence BTC’s ￰15￱ also faces a crucial week, with key reports set to hit the ￰16￱ current week is crucial, with the Producer Price Index (PPI) and the Consumer Price Index (CPI) set to be released on Wednesday and Thursday. However, markets already know what they can ￰17￱ is on the higher side again, and labor market weakness has risen, putting the Federal Reserve in a ￰18￱ registered a sharp drop on Friday (August 29), dropping nearly 4% to $108,378. The price recovered on Saturday, rising 0.41%, but was back in the red on Sunday, falling 0.53% to settle at 108,247.

Price action was positive on Monday as BTC rose almost 1% to cross $109,000 and settle at $109,240. Bullish sentiment intensified on Tuesday as the price rallied, increasing 1.84% to cross $111,000 and settling at $111,247. BTC posted a marginal increase on Wednesday, rising 0.46% to $111,756.