Bitcoin News Today: Bitcoin’s $115K Pullback: Testing Bulls Before Jackson Hole Decides the Next Move

Bitcoin’s price dynamics are drawing renewed scrutiny as the market processes a recent pullback from its $124,000 peak to levels near $115,000. Analysts and on-chain data suggest the current decline is part of a larger correction pattern rather than a definitive top. However, the broader macroeconomic landscape, including Federal Reserve policy and leverage levels in the crypto space, remains a critical variable in determining Bitcoin’s near-term trajectory.

Bitcoin’s decline has been attributed to a confluence of factors, including leveraged positions being unwound and profit-taking pressure. Over $1 billion in liquidations were reported, with long positions accounting for 95% of the losses. The drop has also pushed the cryptocurrency’s Market Value to Realized Value (MVRV) ratio to 21%, indicating a significant portion of holders are in profit. While this creates natural selling pressure, the extent of these liquidations also highlights systemic leverage in the market. Technical indicators like the Relative Strength Index (RSI) have moved into oversold territory for the first time in over a month, a sign often associated with short-term rebounds [2].

The Federal Reserve’s policy stance has further complicated the outlook. Market expectations of a 25-basis-point rate cut at the September 17 FOMC meeting have fluctuated, with Polymarket odds for a no-rate cut scenario increasing from 12% to 26% in recent days [2]. The uncertainty surrounding the Fed’s next move is critical because lower interest rates typically boost risk assets like Bitcoin by making them more attractive compared to low-yield bonds. With Chair Jerome Powell set to speak at the Jackson Hole symposium, traders are keenly watching for any signals that could clarify the central bank’s intentions.

On the technical front, Bitcoin remains above key support levels, including the $112,000 zone and the 50-day exponential moving average (EMA). Analysts highlight the importance of these levels in determining whether the market can stabilize and reaccumulate bullish momentum. A breakout above the $112,000 threshold could set the stage for another move toward $120,000 and potentially $124,000. However, a drop below the 200 EMA, near $103,000, could shift the narrative toward a bearish scenario [2].

Market breadth data also reveals mixed signals. While 63 of the top 100 cryptocurrencies remain above their 200-day moving averages—a bullish sign—50% trade below their 50-day averages, indicating short-term weakness. The Nasdaq exhibits a similar pattern, suggesting that the broader market is participating in this cautionary trend rather than a crypto-specific issue [2].

Looking beyond Bitcoin, the altcoin market is showing signs of divergent momentum. Ethereum, for instance, has surged toward $4,600, while other major altcoins like XRP and Solana have also shown strength. However, Bitcoin’s market dominance has fallen to 59% from over 65% earlier this year, suggesting capital is rotating into altcoins. This rotation can be both a sign of healthy risk appetite and a potential red flag during uncertain times, as it may indicate a lack of directional clarity [2].

In parallel, the Ethereum-based meme coin Pepeto (PEPETO) has gained traction as a speculative opportunity for investors. With a presale valuation surpassing $6.2 million and a token price of $0.000000148, Pepeto offers zero-fee trading on its native exchange, a cross-chain bridge, and high staking rewards. While it is positioned as a high-beta play within the Ethereum ecosystem, its utility features—such as audited contracts and a staking mechanism offering 242% APY—set it apart from typical meme coins [3].

For a $10,000 investment in Pepeto at the current presale price, the token would need to reach a value of approximately $0.00001219 to achieve a $1 million return. This 83× multiple is ambitious but not unheard of in the meme coin space, particularly if the project gains listing on Tier-1 exchanges and attracts broader institutional interest [3].

Despite the volatility and speculative nature of these markets, long-term holders of Bitcoin remain relatively optimistic. Whale accumulation has continued, with large holders adding over 218,000 BTC since March 2025. This activity, combined with the fact that 80% of Bitcoin is held by long-term investors who have not moved their coins in years, suggests a strong foundation for future gains [6].

Institutional demand is also playing a critical role in shaping Bitcoin’s trajectory. Companies like MicroStrategy, Tesla, and Marathon Digital have significantly increased their BTC holdings, while pension funds and sovereign wealth funds are exploring Bitcoin as a strategic reserve asset. With the U.S. government reportedly aiming to acquire 1 million BTC over the next five years, the institutional narrative around Bitcoin continues to strengthen [6].

While the market faces headwinds from profit-taking, leverage unwind, and Fed policy uncertainty, the broader structural factors—such as Bitcoin’s limited supply, growing institutional adoption, and the rise of stablecoin demand—remain in place. These dynamics, combined with the historical precedent of Bitcoin recovering from similar corrections, suggest the bull market is far from over.

Source:

[1] Bitcoin analysts point to 'manipulation' as BTC price falls to 17-day low (https://cointelegraph.com/news/bitcoin-analysts-point-to-manipulation-as-btc-price-falls-to-17-day-low)

[2] Bitcoin Price Is Going Down as Market Stress Tests Bulls before Jackson Hole (https://www.financemagnates.com/trending/bitcoin-price-is-going-down-as-market-stress-tests-bulls-before-jackson-hole/)

[3] Ethereum Meme Coin Pepeto Crosses $6.2 Million in Presale Upon Listing (https://chainwire.org/2025/08/19/ethereum-meme-coin-pepeto-crosses-6200000-million-in-presale-upon-listing)

[4] Two Prime, Figment Expand Institutional Bitcoin Yield (https://cointelegraph.com/news/two-prime-figment-institutional-bitcoin-yield)

[5] 6 Reasons Why Bitcoin Will Hit $1000000 by 2030 (https://www.tipranks.com/news/article/6-reasons-why-bitcoin-will-hit-1000000-by-2030-according-to-experts)

[6] Has The Bitcoin Price Bull Market Topped? (https://bitcoinmagazine.com/markets/has-the-bitcoin-price-bull-market-topped)