Bitcoin is holding firm above $113K as traders wait for U.S. Federal Reserve Chair Jerome Powell’s upcoming speech. The market mood is tense, with investors watching closely for any policy hints.
Meanwhile, Ethereum, XRP, and Solana are showing mixed price action, leaving traders divided on what comes next.
Bitcoin Eyes Key Support as Market Shows Weak Bounce
The crypto market barely moved, indeed droping slightly 1% to $3.85 trillion, a temporary drop rather than a recovery. On top of it nearly 78,000 traders were liquidated in 24 hours, totaling $222.5M, with the largest $2.94M loss on Binance.
This has made market more week, while Bitcoin stays above prior consolidation highs, but a drop below $113K could bring more bearish pressure.
Thus Analyst Benjamin Cowen notes a potential cycle top may come between October and December. notes we’re around day 1,016 of Bitcoin’s current cycle. Historically, similar cycles peaked around day 1,060, suggesting a potential top may arrive between October and December.
Ethereum Struggles for Momentum
Ethereum is struggling to find strong momentum, trading sideways after recent volatility. However, ether ETFs have seen over $900 million in outflows across this week.
On top of it on-chain data shows active ETH addresses have dropped 28% since late July, signaling weaker retail activity. Analysts say the drop in addresses shows weaker retail interest, which could limit near-term gains even if Bitcoin stabilizes.
Technically, ETH is nearing a breakout after a failed falling wedge pattern. Clearing the $4,300 resistance and the 4-hour 50 EMA could open the door to a quick move toward $5,000.
XRP & Solana Under Pressure
XRP, on the other hand, has seen slight gains in the last 24 hours trading around $2.86, supported by optimism around regulatory clarity. Top chart analyst Ali Martinez highlighted an hourly TD Sequential buy signal, hinting at a possible rebound.
Solana, meanwhile, has shown resilience, continuing to attract buyers thanks to its strong ecosystem activity. Despite this price is Solana price is trading 1.5% down hovering around $183.7 reflecting a weekly drop of 7%.
Therefore experts see no bullish setup yet and expects a potential revisit to $155, before heading back to $200 price level.
All Eyes On Powell Speech
Bitcoin has managed to stay above $113K despite pressure from uncertain macroeconomic conditions. Now investors focused on Fed Chair Jerome Powell’s upcoming Jackson Hole speech for the next big move in risk assets, including crypto.
If the Fed signals a slower approach toward rate cuts, Bitcoin could face short-term resistance. On the other hand, any hint of easing might give the market a boost.
