news 
Bitcoin Maintains $108K Support Ahead of Powell’s Comments and Macro Reports—Is $120,000 BTC Next?
As the cryptocurrency market holds its collective breath in anticipation of Federal Reserve Chair Jerome Powell’s comments at the European Central Bank (ECB) Forum in Sintra, Bitcoin has surprisingly maintained its crucial support level above $108,000. This development may signal a further upward trajectory for BTC, potentially pushing it towards the coveted $120,000 mark.
The digital asset has been trading at over $108,000 as of this writing, and a slight 0.11% decline in the past day has not deterred its momentum. Market observers are now focusing on how Powell’s remarks may impact short-term liquidity waves in cryptocurrency markets.
On-chain activity suggests increasing volatility ahead of the ECB Forum. Axel Adler Jr., an expert in blockchain technology, emphasized that as long as Bitcoin holds above $108,000, the fundamental scenario is still upward momentum with targets at $112,000.
Recent on-chain data indicates that whales have started moving large volumes of BTC to centralized exchanges. This development is often a precursor to significant price movements. Furthermore, exchange reserves and stablecoin flows are also declining, which may signify an imminent surge in cryptocurrency value.
In the derivatives market, traders’ appetite for volatility has increased dramatically. In the past four days, over $806,000 worth of synthetic Ethereum and Bitcoin volatility perpetuals were traded on gTrade. This surge is typically seen before major macroeconomic announcements.
With this crucial support level maintained, investors are left to ponder whether Bitcoin will continue its ascent towards the $120,000 mark or retrace in anticipation of a new trend.
Source: www.crypto-news-flash.com
