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2h ago

Bitcoin Holds Near $113,000 After 8% Pullback as ETF Outflows and Fed Signals Cool Rally

Markets now eye $110,000 support ahead of Powell’s Jackson Hole remarks.

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Photo: Erling Løken Andersen

Overview

  • BTC trades around $113,000 after sliding from record highs near $124,000, with the weekly drop near 8% and price action turning range‑bound.
  • Federal Reserve minutes flagged persistent inflation risks, softening rate‑cut bets, and traders are looking to Powell’s Friday speech for policy cues.
  • Spot Bitcoin ETFs recorded $311.6 million in net outflows on Wednesday, with Ethereum ETFs also seeing outflows, underscoring a cooling in demand.
  • On‑chain data show mixed whale behavior, including strategic deposits and selling on Binance that capped rebounds, alongside dip buys such as a flagged 200 BTC purchase.
  • Sentiment gauges have faded from greed to neutral/fear, analysts highlight roughly $110,000 as key support, and some technical projections caution of deeper downside if resistance holds.