Bitcoin price remains below $115,000 following a weekend sell-off that erased nearly $6,000 from local highs and triggered over $1 billion in liquidations across leveraged long positions. Market participants confronted renewed pressure amid choppy ETF flows and fresh U.S. trade tensions that weighed on risk assets.
Ether demonstrated relative resilience, recovering toward the $3,650 level after dipping under $3,550 in early Asian hours. Institutional inflows supported the rebound in Ethereum, while altcoins struggled. Solana lost nearly 20% from last week’s peak, and Dogecoin declined on elevated sell-side volume as traders rotated capital toward more liquid tokens.
Macro data added to the uncertain tone. Friday’s U.S. nonfarm payrolls report underperformed forecasts, reviving rate-cut expectations and complicating the outlook for risk assets. Federal Reserve communications remain in focus as markets await July’s CPI and PPI readings later this week. Spot ETF flows contributed to volatility: Bitcoin spot funds recorded the second-largest single-day outflow, and Ether registered the fourth largest.
On-chain metrics painted a nuanced picture. Addresses holding at least one BTC increased balances during the pullback, while exchange net flows turned negative, suggesting accumulation by long-term holders. Open interest in Bitcoin options markets contracted, but call skew remained elevated on far-dated expiries, indicating a segment of sophisticated traders positioning for a potential rebound.
Technical analysis highlights support at $112,000 and resistance at $118,000, defined by recent intraday highs. A sustained move above $115,000, combined with stabilizing ETF inflows and compressing implied volatility, could reignite bullish momentum. Until then, a consolidation range between $113,000 and $118,000 is likely as buyers and sellers assess the next catalyst for directional conviction.
Looking ahead, market observers will track U.S. CPI and PPI releases along with consumer sentiment data to gauge Fed policy trajectory. Institutional desks at QCP Capital and LVRG Research noted growing activity in call fly strategies targeting the $124,000 strike, suggesting anticipation of renewed upside. Should macro uncertainties abate and premium compression persist, markets may find the footing for another leg toward all-time highs.
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