BTC Price Tumbles: Is the Bull Run Officially Over?
Bitcoin continues to climb slowly as the asset tapped $111,800 earlier today before it was pushed south by nearly a grand. Following the price explosion on August 22, BTC skyrocketed from under $112,000 to over $117,000 in minutes during the Jerome Powell speech. Since then, the cryptocurrency has failed to maintain its run and traded in an apparent downward pattern. After losing a few key support levels along the way, Bitcoin’s price tumbled at the beginning of the current business week to just over $107,000. This became its lowest price tag in roughly two months.
BTC Price Holds Key $111K Support: Can Bulls Push Higher?
On Monday night, the bulls finally took charge and prevented any more collapse. Rather, Bitcoin began to regain some ground and hit $110,000 again yesterday. On Wednesday morning, it increased marginally once more to about $112,000 before encountering some pressure and falling to the current $111,000 level.
Although this slight recovery indicates that buyers are making an effort to restore control, the momentum is still shaky because resistance levels are still above $112,000 in the market. A clear breakout might pave the way for a more robust rise toward $115,000. However, if $111,000 is not held, Bitcoin may be subject to fresh bearish pressure in the near future.
Bitcoin Price Holds Crucial Support: Is a Bullish Surge Incoming?
Now, traders are keeping a careful eye on whether BTC can form a strong base above $111,000 before launching a new surge. Market sentiment is still split. Some analysts are cautioning about possible downside risks, while others think that a breakout toward $115,000 and higher might be fueled by persistent purchasing pressure. The course of Bitcoin in the near future could be determined by the events of the next few sessions.
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