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Bitcoin Tests $117,000 Resistance as Ethereum Faces $4,300–$4,360 Pressure

Bitcoin Tests $117,000 Resistance as Ethereum Faces $4,300–$4,360 Pressure

Bitcoin’s drop to $113,000 and options positioning ahead of Jerome Powell’s Jackson Hole speech highlight defensive investor sentiment amid mixed macroeconomic signals and rate cut expectations.

BTC
ETH

Fact Check
Multiple sources corroborate that Bitcoin is facing resistance at or near the $117,000 level (Sources 7, 12, 14). Evidence also confirms significant price activity for Ethereum around the $4,300 mark, with sources mentioning it hitting that milestone and dipping below it, which is consistent with facing pressure (Sources 9, 11).
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Summary

Bitcoin has declined nearly 5% over the past week, trading at around $113,000, as traders brace for Federal Reserve Chair Jerome Powell’s Jackson Hole address. Options market data show defensive positioning, with heavy activity concentrated at $110,000 and $120,000 strikes. A negative 25 Delta Skew indicates traders are paying more for call options, though the skew has softened slightly in the past 24 hours. The CME FedWatch Tool reflects a 75% probability of a quarter-point rate cut in September, down 15% after recent inflation data. Meanwhile, a long-dormant Bitcoin whale moved 670 BTC, worth $75 million, to open leveraged long positions on Ethereum, signaling bullish sentiment for the token. Market participants remain cautious as Powell is expected to maintain a neutral, data-dependent stance, leaving short-term investors in a high-stakes environment.

Terms & Concepts
  • 25 Delta Skew: An options market metric comparing the cost of out-of-the-money calls versus puts, used to gauge trader sentiment and bias.
  • FedWatch Tool: A CME Group tool that tracks market expectations for Federal Reserve interest rate changes.
  • Open Interest: The total number of outstanding derivative contracts, such as options or futures, that have not been settled.