Key Points:
Bitcoin sellers will try to break support at $109,000 at the Final Wall Street Open this week.
BTC’s price action could therefore head towards $100,000 despite the massive “DelaveRaging” event.
US PCE inflation does not provide relief to the code bull.
Bitcoin (BTC) threatened a new September low at the Wall Street Open on Friday as US inflation data failed to support the bull.
As Bitcoin prices drop further, liquidity accumulates
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD is at risk of breakdowns below $109,000.
The liquidity of the exchange order book was thick and thick on both sides of the spot price, offering both an upside down “magnet” for momentum.
At Binance, the biggest global exchange, bids were around $108,200, with a short liquidation of more than $110,000 for each Coinglass data.
“Bitcoin futures saw another wave of long liquidation as prices fell below $111K,” GlassNode, the Onchain Analytics platform, summed up in an X post.
“This leverage flash reflects a wide range of deleverage events, often resetting market positioning and mitigates the risk of further cascades.”
Still, traders remain risk aversive, with BTC’s price target of $100,000 becoming more popular.
“$BTC is hovering just above the support level,” one market reads on the day by Crypto Investor and Antrepreneur Ted Pillows.
“If this level is maintained, Bitcoin could be promoted to $112,000. In the event of a breakdown, BTC will retest the $101,000 support region before reversal.”
PCE data holds FRB rate cut bet
Macroeconomic events had little perceptible impact on the trajectory of the crypto market.
Related: Bitcoin sees the most fears since $83,000 as the “turning point” of the eye of analysis
The Personal Consumption Expense (PCE) index, known as the US Federal Reserve’s “Preferred” inflation gauge, arrived at 2.7% expectations.
Reaction, trading resource Kobeissi’s letter concluded that while PCE was at a seven-month high, Crypto and risk asset traders pushed the interest cuts that they had been very hoping for.
“PCE inflation is the highest since February 2025. But the Fed will maintain its reduction rate,” he told X followers.
This article does not include investment advice or recommendations. All investment and trading movements include risk and readers must do their own research when making decisions.
