Bitcoin nears $110K crypto market correction
The international cryptocurrency market was under pressure with Bitcoin falling close to $111,000, its recent day low.
The fall followed more robust U.S. jobs data, diminishing expectations of Federal Reserve rate cuts and bolstering the U.S. dollar.
Risk assets such as Bitcoin, stocks, and gold went into correction mode, echoing investor restraint in the face of macroeconomic headwinds.
Traders now anticipate a Bitcoin retest of $110K, labeling this level pivotal for short-term market direction.
Analysts caution that losing $110K support could push Bitcoin to $100K, with recovery above $115K potentially reviving bullish sentiment.
Market Overview
Bitcoin fell below $112K as analysts described the correction as “overdue” after weeks of consistent gains.
Options expiry valued at $17.5B tomorrow creates even more uncertainty surrounding Bitcoin’s short-term prospects.
Ethereum followed the lead of Bitcoin, falling modestly but remaining above $4,300, where traders view ETH as stronger in the short term.
Solana picked up over 2%, driven by increasing activity and robust network expansion, featuring uncommon green momentum.
XRP was flat around $3, assisted by remittance demand and increasing regulatory certainty in certain international markets.
BNB maintained its upward momentum, reaching $906, reflecting firm investor confidence in Binance’s growing ecosystem.
Top 5 Coins – 24h Snapshot
| COIN | PRICE | 24h CHANGE | MARKET CAP | VOLUME |
| Bitcoin (BTC) | $111,240 | -2.8% | $2.22T | $21.3B |
| Ethereum (ETH) | $4,360 | -1.5% | $526B | $17.1B |
| Solana (SOL) | $225.4 | +2.1% | $122B | $9.4B |
| XRP (XRP) | $3.00 | +0.8% | $178B | $4.1B |
| BNB (BNB) | $905.6 | +1.9% | $1.04T | $2.8B |
Key Market Notes
U.S. jobless claims came in better than expected, boosting the dollar index to a 3-week high and putting pressure on Bitcoin.
Bitcoin’s $110K support level is regarded as short-term price action make-or-break.
Solana and BNB exhibit relative strength, pointing to selective altcoin bullish sentiment in the face of Bitcoin weakness.
Analysts remind investors that corrections are natural, emphasizing bull markets never go straight up.
Friday’s colossal $17.5B options expiry may ignite swift volatility, and the next 48 hours are critical for crypto traders.
The current market points to the fact that cryptocurrencies remain anchored to U.S. economic figures and global macroeconomic conditions.
Altcoins such as Solana and BNB keep shining, and traders keep their fingers crossed for another surge of momentum once the volatility recedes.
Now everyone’s attention turns to Bitcoin’s $110K support and the upcoming options expiry, which will shape September’s crypto perspective.
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