TL;DR
- BTC fell about 3% in the past 24 hours and is trading around $111,200 per coin.
- The decline coincides with ongoing US-China trade tensions and comes ahead of Federal Reserve Chair Jerome Powell’s scheduled remarks later today.
BTC slides to $111k
Bitcoin, the largest cryptocurrency by market capitalization, dropped roughly 3% over the last 24 hours and is currently trading at about $111,200 per coin. This bearish move has occurred amid escalating US-China trade friction, with traders bracing for further volatility across digital assets.
Adding to the downward pressure, spot Bitcoin ETFs recorded more than $320 million in outflows on Monday, signaling a cautious stance from investors toward the market.
Federal Reserve Chair Jerome Powell is set to speak later today. Market participants are watching closely because his comments could spark renewed volatility across risk assets, including Bitcoin.
Investors will also look for fresh clues about potential rate cuts later this month. However, with a partial U.S. government shutdown affecting the release of some economic data, Powell may offer limited new guidance about the path of future FOMC meetings.
On-chain data reveals that a wallet known as BitcoinOG— which shorted BTC just before last Friday’s dump—expanded its open short positions early today. That activity pushed the total short interest held by this wallet past 4,394 BTC.
Two other large whales, identified as hyperliquid and profitable in prior trades, also opened sizable short positions, anticipating additional downward pressure in the near term.
BTC remains bearish as traders stay cautious
The BTC/USD 4-hour chart shows bearish characteristics and inefficiencies, with Bitcoin underperforming over the past day. BTC briefly recovered on Monday and reached the $115k area following Friday’s sharp drop, but it failed to sustain momentum and has since pulled back to around $111,200 per coin.
The 4-hour Relative Strength Index (RSI) reads 42, below the neutral 50 level, indicating weakening momentum. Meanwhile, the Moving Average Convergence Divergence (MACD) produced a bearish crossover on Friday and remains in bearish territory, suggesting continued selling pressure.
If BTC’s correction continues, the coin could slide toward the next major support level near $107,245. Conversely, if bulls regain control, price action could push back toward the $115k resistance level.