Bitcoin struggles at $112K support
BTC kicked off the last week of September with turbulence. After a quiet weekend, price suddenly dipped to $112,000, leaving traders divided. Some see this as a clean retest before a push toward $120K, while others argue it could be the start of a deeper correction toward the $100K area. The debate highlights the uncertainty as BTC attempts to hold its higher lows.
Record-breaking liquidations
The sharp drop wiped out over $1.7 billion in positions, the largest long liquidation of the year so far. Most of the damage came from overleveraged longs, with $2 billion in open interest erased overnight.
Analysts warn that more downside liquidity sits around $106K–$108K, making another sweep possible before any strong recovery.
Fed spotlight: Powell & PCE data
This week also brings key macro signals. The Fed’s preferred inflation metric, the PCE index, and a speech from Chair Jerome Powell could influence market sentiment. After September’s rate cut, investors are watching for clues about whether more easing is coming. Expectations point to another 0.25% cut in October, but Fed officials remain divided.
Political news could shake crypto
Speculation is swirling about a “major political announcement” in the U.S. this week that could impact Bitcoin. While details remain vague, some believe it may tie into the long-rumored idea of a Strategic Bitcoin Reserve. With U.S. lawmakers and industry leaders in active talks, markets are on edge for any hints of policy shifts.
Signs of a pre-euphoric bull phase
On-chain data suggests Bitcoin is entering the “pre-euphoria” stage of the cycle. Metrics show long-term holders are seeing growing profits compared to short-term holders — a setup that has historically preceded Bitcoin’s biggest parabolic runs. Analysts argue the top is not in yet, leaving room for further upside before the true peak.
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