Bitcoin Falls Below $113,000, Nearing a Six-Week Low
Bitcoin fell below $113,000 on Monday, nearing a six-week low, even as the market continues to bet on the Fed cutting interest rates. The largest cryptocurrency weakened after a brief surge late last week, while Ether traded near its all-time high.
Around 1:27 a.m. ET (5:27 a.m. GMT), Bitcoin was hovering around $112,550. The correction continued after previously touching the $111,000 area. Friday's sharp rise—when Bitcoin briefly broke through $117,000—came after dovish comments from Fed Chairman Jerome Powell at the Jackson Hole symposium.
Although signals of a possible interest rate cut in September briefly boosted risk appetite, Bitcoin's price weakened again amid profit-taking. Analysts also cited the presence of resistance levels and a consolidation phase following the rapid rally as reasons for this price pullback.
On the policy side, Japanese Finance Minister Katsunobu Kato stated that the government will create a conducive environment for crypto assets. He believes digital assets can be part of a diversified investment portfolio, while emphasizing the importance of regulatory clarity and investor protection to balance innovation and financial stability.
Source: Newsmaker.id
