BTC Price Forecast
Bitcoin stays below $112k ahead of Powell speech. BTC is down 3% in the last 24 hours, trading at around $111,200 per coin.
The bearish performance is due to the rising US-China trade conflict, with traders expecting further volatility. Spot Bitcoin Exchange Traded Funds (ETFs) recorded an outflow of over $320 million on Monday, indicating a cautious approach.
Fed chair Jerome Powell is set to speak, with market participants focusing on the event, which could spark fresh volatility across risk assets, such as Bitcoin. Investors seek hints on a possible interest rate cut later this month.
Traders adopt a cautious sentiment to the market.
- BTC down 3% in the last 24 hours
- Trading below $112k
- Spot Bitcoin ETFs outflow: over $320 million
Author's summary: Bitcoin price drops below $112k.