Bitcoin couldn’t hold $113K at Wednesday’s Wall Street open, setting up another round of sell pressure right before the Fed’s Jackson Hole symposium.

What’s Happening

BTC dropped under $113K, with $112.3K now the key level to watch (CoinGlass data).

Order books show bids sliding lower, hinting at possible whale games. Keith Alan calls it “Spoofy the Whale” — moving bids down to invite price down.

Major bid wall sits around $105K (“plunge protection”), raising questions of manipulation vs genuine liquidity.

Trader Sentiment

Daan Crypto Trades: BTC has cleared liquidity pockets both ways for 6 weeks. Key levels = $120K cluster above & $112K support below.

TheKingfisher: Alts may bleed harder. A 5% BTC move = 10–30% altcoin drawdowns.

Rekt Capital: Silver lining — similar retraces happened in 2017 & 2021, both right before ATH breakouts. History rhymes?

Macro Catalyst: Powell @ Jackson Hole

Fed Chair Jerome Powell speaks Friday. Markets price in an 80–95% chance of a September rate cut (25bps), but any shift in tone could spark volatility.

Stakes: inflation cooling vs labor risks rising. Traders are waiting for Powell’s words to either confirm a dovish path or slam on the brakes.

Takeaway for Traders

Watch $112K (local low) & $120K (liquidity magnet) as near-term reversal zones.

Expect altcoin fragility if BTC bleeds further.

Jackson Hole = make-or-break event for September FOMC expectations. A dovish Powell could be the green light for the next BTC leg up; a hawkish one, another flush.

Question: Do you think this is a classic whale-driven shakeout before a breakout — or the start of a deeper retrace?