Bitcoin is facing critical price action around the $114,000 resistance level, while traders largely shrug off the recent US-EU trade deal. Market focus shifts to the Federal Reserve’s upcoming Jackson Hole symposium, with key BTC support and resistance levels under scrutiny.
Key Points
- $114,000 emerges as a make-or-break price level for Bitcoin into the weekly close.
- Bid liquidity clusters just below recent local lows, raising concerns about weakening market structure.
- Despite the US-EU trade deal, odds of a Fed rate cut in September have declined.
- Bitcoin volatility increased at Thursday’s Wall Street open as markets digested the trade news.
Bitcoin Struggles at $114K Resistance
Data from Cointelegraph Markets Pro and TradingView shows BTC/USD repeatedly testing but failing to break above $114,000, which remains a strong short-term resistance.
Popular analyst Rekt Capital highlighted on X (formerly Twitter):
“Bitcoin is clearly rejecting from ~$114k resistance on the Daily timeframe.”
He further emphasized that a convincing break and weekly close above $114,000 is crucial to avoid further downside.
“$114k needs to be convincingly lost for BTC to go lower. Weekly close relative to $114k will also be key.”
Fellow trader Daan Crypto Trades dentified a critical local support zone between $109,850 and $111,900, warning that a drop below this range could weaken Bitcoin’s market structure.
“Generally you don't want to see price move back into such a large range/consolidation period after breaking out of it.”