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Bitcoin drops to $111K as post-Jackson Hole bounce fades

  • Bitcoin price has dropped to lows of $110,956 as gains seen on Friday disappear.
  • The downturn has accelerated amid the BTC sell-off and decline in dominance.
  • Analysts say Bitcoin can extend losses below $110k amid wider fall.

Bitcoin’s downturn since the brief surge post Federal Reserve chair Jerome Powell’s speech at Jackson Hole on Friday has extended to below $111k.

The benchmark digital asset has slipped more than 3% to drop to lows of $110,956 across major exchanges, with BTC struggling as the bounce that followed Powell’s comments on cryptocurrency quickly fades.

Bitcoin’s dominance was also falling sharply, down to around 57%.

Analysts remain bullish, but could Bitcoin price drop below $110k and trigger further losses?

Bitcoin extends dip to $111k

Cryptocurrencies spiked on Friday as risk assets exploded amid comments by Powell that the central bank could consider cutting rates sooner.

However, the brief rally that followed the Jackson Hole economic symposium has since swiftly unravelled, with Bitcoin plummeting to touch lows of $110k.

On Aug. 22, BTC saw an intraday peak of $117k – up from lows of $113k earlier in the day.

According to QCP, the downturn to current prices comes as an early whale offloaded a substantial $2.7 billion in BTC.

This rapid sell-off has accelerated a dip in BTC dominance, which hovers around 57%.

Meanwhile, Bitcoin’s weakness has been evidenced by a dip in spot exchange-traded funds (ETFs) flows, with six consecutive sessions of outflows putting bulls under pressure.

What next for BTC? Analysts’ take

Bitcoin’s long-term trajectory remains largely bullish, and a bounce to the all-time high above $124k is not an impossibility.

However, analysts at Glassnode are pointing to a short-term downside arc.

Particularly, all Bitcoin cohorts, with those in the 10- 100 BTC group biggest sellers, are in a distribution phase.

Increased selling could be bad news for bulls as a breakdown below $110k could ensue.

But despite this outlook, analysts at QCP Group maintain that Bitcoin is bullish.

The analysts say that despite the current sell-off, buyers can easily absorb the pressure as happened in July.

With BTC dominance slipping, it is Ethereum that may benefit, the analysts said.

“BTC dominance slipped from 60% to 57%. Still above the sub-50% levels of 2021, but enough to fuel speculation that whales expect $ETH to outperform, especially if ETH staking ETFs secure approval later this year,” QCP noted.

Bitcoin price currently hovers around $111,200, bouncing off lows last seen in early July. Investors will be watching that $110k level as well as broader market conditions.

The post Bitcoin drops to $111K as post-Jackson Hole bounce fades appeared first on CoinJournal.

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Ontology price skyrockets 55% to hit six-month high

  • Ontology price rose more than 50% to lead the top gainers across crypto.
  • The altcoin gained as Bitcoin and Ethereum dropped, with the ONT price hitting a six-month high.
  • ONT could retreat amid profit-taking.

Ontology has defied broader crypto dumping to skyrocket more than 55% to highs near $0.22, hitting its highest level in six months.

The uptick for Ontology (ONT) comes as the cryptocurrency market witnesses a significant uptick in sell-off pressure, with Bitcoin dropping to under $112k and Ethereum giving up gains after a new all-time high.

But as these top headline makers struggle, ONT is grabbing most attention amid its 55% price surge.

Ontology price spikes 55% to 6-month high

Ontology (ONT) has seen a remarkable 55% price surge, reaching an intraday peak of near $0.22, its highest level in six months.

The altcoin traded at lows of $0.13 in the morning session, but marched higher to reach levels seen at the start of February 2025.

With trading volume soaring by over 4,600% to more than $337 million, Ontology price stands out as one of the outperformers on the day.

As BTC and ETH pare gains, Ontology’s 24-hour gains come amid heightened activity around the decentralised identity protocol’s native token.

Mainstream adoption of artificial intelligence and blockchain has Ontology’s infrastructure for decentralised identity and data privacy, drawing significant interest.

The project’s focus on regulatory compliance for digital identity solutions and blockchain interoperability is a key cog in its adoption curve.

Analysts predict ONT could benefit from this outlook to target more gains.

Ontology price forecast: What’s the technical picture?

The price of Ontology breaking out as the rest of the market fights to hold onto recent gains suggests holders may have to deal with incoming downside pressure.

ONT going vertical will welcome a pullback, likely to a demand reload zone.

However, open interest in ONT has increased by over 617% to nearly $60 million.

This indicates trader confidence and speculative interest amid the token’s upward trajectory.

Ontology’s price outlook as open interest rises, combined with high trading volumes, suggests a potential bullish continuation.

Ontology Price Chart
ONT price chart by TradingView

From a technical perspective, ONT is trading Relative Strength Index (RSI) on the daily chart at 81.

RSI at these levels shows the asset firmly in the overbought territory and thus leaning toward a reversal.

The Moving Average Convergence Divergence (MACD), however, shows a bullish crossover, indicating bulls have the upper hand and that a sustained rally may yet unfold if a retest allows buyers to establish a footing at key support levels.

On the daily chart, these areas lie around $0.20 and $0.17.

On the flipside, a break above $0.27 will allow buyers to aim for $0.40.

The post Ontology price skyrockets 55% to hit six-month high appeared first on CoinJournal.