Bitcoin Succumbs to Profit-Taking and Macro Uncertainty, Breaks $110K Support
Bitcoin’s price action has turned decisively risk-off, with the asset breaking key support at $110,000 to trade at lows not seen since early July.
The current price of $109,317 represents a 2.9% decline over 24 hours, effectively erasing the gains spurred by Fed Chair Powell’s dovish commentary at Jackson Hole.
According to Rachael Lucas, a crypto analyst at BTC Markets, the correction stems from “a mix of profit-taking, technical resistance, and shifting rate expectations.”
The market’s negative momentum was accelerated by two primary catalysts: a massive, market-moving sell order of 24,000 BTC by a single whale and the unexpected firing of Fed Governor Lisa Cook by President Trump. This political move has unsettled investors, raising fresh concerns about the central bank’s independence and compounding existing macroeconomic uncertainties.
