Bitcoin pulls back to $115,000 level
Bitcoin sank over the weekend and is down roughly 4% over the last seven days.
Bitcoin is starting the week pulling back, down 2.8% in the past 24 hours. As of Monday morning, bitcoin’s price is sticking at the $115,000 level, down more than 7% from its all-time high on August 14. Most crypto stocks were also down on Monday morning.
Dean Chen, an analyst at Bitunix Exchange, said that if Fed Chair Jerome Powell maintains a “wait and see” approach during his speech at this week’s Jackson Hole Economic Symposium, BTC will likely struggle to break higher in the near term, instead consolidating within the $115,000 to $120,000 range.
“The $115,000 area is a high-volume support zone and serves as the key short-term defense,” Chen said.
Strategy bought the dip, announcing that it acquired 430 bitcoin. The largest corporate bitcoin holder now has 629,376 bitcoin.
Metaplanet acquired 775 bitcoin and now holds 18,888.
Crypto ETFs saw $3.75 billion in inflows last week, the fourth-largest on record, according to CoinShares, but bitcoin ETFs represented only a meager share of the total, with only $552 million in inflows while ethereum saw over $2.8 billion.
Dutch crypto service provider Amdax announced it will list as a bitcoin treasury company on Euronext Amsterdam, as an increasing number of European companies are jumping on the bitcoin treasury train. The company said it aims to amass 1% of bitcoin’s supply.
