Bitcoin pulls back to $115,000 level

Bitcoin is starting the week pulling back, down 2.8% in the past 24 hours. As of Monday morning, bitcoin’s price is sticking at the $115,000 level, down more than 7% from its all-time high on August 14. Most crypto stocks were also down on Monday morning.

Dean Chen, an analyst at Bitunix Exchange, said that if Fed Chair Jerome Powell maintains a “wait and see” approach during his speech at this week’s Jackson Hole Economic Symposium, BTC will likely struggle to break higher in the near term, instead consolidating within the $115,000 to $120,000 range.

“The $115,000 area is a high-volume support zone and serves as the key short-term defense,” Chen said.

• Strategy bought the dip, announcing that it acquired 430 bitcoin. The largest corporate bitcoin holder now has 629,376 bitcoin.

• Metaplanet acquired 775 bitcoin and now holds 18,888.

• Crypto ETFs saw $3.75 billion in inflows last week, the fourth-largest on record, according to CoinShares, but bitcoin ETFs represented only a meager share of the total, with only $552 million in inflows while ethereum saw over $2.8 billion.

• Dutch crypto service provider Amdax announced it will list as a bitcoin treasury company on Euronext Amsterdam, as an increasing number of European companies are jumping on the bitcoin treasury train. The company said it aims to amass 1% of bitcoin’s supply.