Bitcoin’s price movement remained choppy on Thursday as Wall Street opened, with markets largely ignoring news of a fresh US-EU trade agreement.
$114K emerges as key resistance
Charts from TradingView showed BTC/USD once again testing the $114,000 zone — a level that continues to serve as a major resistance point. Despite brief rallies, buyers have struggled to push through, and analysts caution that the trend remains fragile.
“Bitcoin is clearly rejecting from around $114K resistance on the Daily timeframe,” trader Rekt Capital highlighted in a post on X, adding that a decisive drop below this level could open the door for more downside.
Another trader, Daan Crypto Trades, pointed to the $109,850–$111,900 region as a possible support area for a short-term bottom. Falling below that range, he warned, would weaken the overall market structure: “Generally you don’t want to see price re-enter such a wide consolidation after breaking out of it.”
Data from CoinGlass supported this view, showing a cluster of buy orders around $112,900 — an area that helped cushion Thursday’s dip.
Markets look past trade deal, focus on Fed
The US-EU trade announcement had little impact on equities, with the S&P 500 and Nasdaq opening flat. Instead, attention is shifting to the Federal Reserve’s annual Jackson Hole symposium, where Chair Jerome Powell is expected to deliver a closely watched speech.
Market bets on a September rate cut weakened, with prediction platform Kalshi showing a 36% chance that rates remain unchanged — the highest since early August. CME Group’s FedWatch Tool, however, still priced in a 75% likelihood of at least one cut.
Commentary from Mosaic Asset underlined why Powell’s words matter. Minutes from the Fed’s last meeting revealed growing concern over inflation, with most members viewing price pressures as a bigger risk than employment.
“Powell has used this platform in the past to signal policy pivots,” Mosaic noted. “If inflation worries dominate, he may cool expectations for near-term cuts until there’s clearer economic data.”
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