Bitcoin Steady at $114K Amid Economic & Tariff Uncertainty
Bitcoin Price Today: Steady at $114K Amid Ongoing Trade and Economic Uncertainty.
FUNDAMENTAL OVERVIEW:
Bitcoin edged slightly lower on Wednesday, staying under pressure as ongoing uncertainty surrounding U.S. trade tariffs and slowing economic growth continued to dampen risk sentiment. The broader cryptocurrency market also slipped, with this week’s brief altcoin rebound losing momentum amid subdued appetite for riskier assets.
Bitcoin and other digital assets remained exposed to further profit-taking, following solid gains recorded in July. Meanwhile, U.S. spot Bitcoin ETFs witnessed net outflows for a fourth consecutive session on Tuesday, as weaker-than-expected service sector data reignited fears of stagflation.
Cryptocurrencies broadly gave up earlier gains on Wednesday, retreating as traders turned cautious. Risk appetite was further suppressed by renewed tariff threats from former President Donald Trump, who targeted India over its continued purchases of Russian oil. Additional tariffs on other key U.S. trading partners are also set to take effect starting Friday.
Mounting concerns over a cooling U.S. economy added to the pressure, especially after last week’s disappointing nonfarm payrolls report. While the weak labor data has boosted expectations for a Federal Reserve rate cut in September, investor sentiment remains fragile.
BTC TECHNICAL ANALYSIS CHART:
Technical Overview:
BTC is trading within a down channel.
BTC is moving below 50&100 Moving Averages (SMA).
The Relative Strength Index (RSI) is in Buying Zone, while the Stochastic oscillator suggests Neutral trend.
Immediate Resistance level: 116808
Immediate support level: 112619
HOW TO TRADE BITCOIN
After a strong upward move, BTC faced resistance and entered a corrective phase, marked by a series of lower lows. However, it recently bounced off a key support area, signalling a return of bullish momentum. Currently, BTC is trading near a resistance zone; a breakout above this level could pave the way for further gains.