Bitcoin Bulls Triumph Again: A Nabokovian Tale of $112K and Beyond 🎉

by

Key points:

  • Bitcoin ascends to $112,000, a poetic return to a cherished resistance level, orchestrated by the bulls.

  • BTC‘s dance with destiny preserves the “bull market support channel,” a ballet of financial resilience.

  • Gold reaches celestial heights, casting a golden glow on Bitcoin’s role as a macroeconomic shield.

Bitcoin (BTC), that elusive butterfly of the digital realm, fluttered to $112,500 post-Wall Street opening, much to the delight of traders who, like gardeners tending to their wilting roses, slowly nurtured a bullish sentiment around BTC.

BTC Price: A Requiem for Shorts, a Symphony for Bulls 🎶

Data from the ethereal realms of CryptoMoon Markets Pro and TradingView revealed BTC/USD’s valiant effort to reclaim key support levels, a quest as noble as any knight’s journey to recover a lost artifact.

Among these sacred grounds was the venerable $112,000, a level adorned with a thick layer of ask liquidity, a testament to the market’s enduring faith. CoinGlass, the scribe of market data, chronicled the day’s events, noting how BTC’s ascent had cleared a significant portion of this liquidity, with the remainder stretching to the lofty $114,000 mark.

CrypNuevo, a voice in the wilderness of crypto analysis, offered his insights on the ongoing battle for support. “This appears to be a valiant attempt to reclaim Support 1, a move that could see BTC return to its former glory within the established range,” he mused in an X post.

CrypNuevo also hinted at the approaching Federal Reserve meeting on September 17, a potential catalyst for further bullish momentum, with only two weeks remaining. He deemed the recent low of $107,270 a mere “false move,” a sentiment echoed by BitBull, who observed a classic bounce at support.

“$BTC has executed a flawless return from its bull market support band,” BitBull declared to his X followers, referencing the channel formed by two moving averages. “This is a clear indication that the bulls are still very much in command.”

“This is a sign that bulls are still in control.”

Despite the bullish narrative, CryptoMoon reported that many market participants remained skeptical, predicting a retest of $100,000 in the near future.

Bitcoin’s Bull Case Strengthened as Gold Shatters Records 🌟

In the grand tapestry of macroeconomic volatility, trading firm QCP Capital saw Bitcoin’s fortunes aligning favorably. “Two cuts this year seem reasonable, but watch the breakevens closely, as new tariffs might elevate expectations,” they cautioned in their latest “Asia Color” market update.

“With policy uncertainty lingering, a softer US dollar is more likely as long as global growth remains stable. Gold and BTC serve as simple yet effective hedges in this landscape.”

Data from CME Group’s FedWatch Tool confirmed that the market’s expectation of an interest-rate cut in September now exceeds 95%, a figure as inevitable as the sunrise.

Meanwhile, gold, the ancient metal of kings, reached new all-time highs, touching $3,567 per ounce, a shining beacon in the economic night.

Read More

2025-09-03 19:52