Bitcoin News Today: Bitcoin Price Dip Hinges on $114K as Markets Ignore US-EU Trade Deal Ahead of Jackson Hole

Bitcoin is facing critical price action around the $114,000 resistance level, while traders largely shrug off the recent US-EU trade deal. Market focus shifts to the Federal Reserve’s upcoming Jackson Hole symposium, with key BTC support and resistance levels under scrutiny.Key Points- $114,000 emerges as a make-or-break price level for Bitcoin into the weekly close.- Bid liquidity clusters just below recent local lows, raising concerns about weakening market structure.- Despite the US-EU trade deal, odds of a Fed rate cut in September have declined.- Bitcoin volatility increased at Thursday’s Wall Street open as markets digested the trade news.Bitcoin Struggles at $114K ResistanceData from Cointelegraph Markets Pro and TradingView shows BTC/USD repeatedly testing but failing to break above $114,000, which remains a strong short-term resistance.Popular analyst Rekt Capital highlighted on X (formerly Twitter):“Bitcoin is clearly rejecting from ~$114k resistance on the Daily timeframe.”He further emphasized that a convincing break and weekly close above $114,000 is crucial to avoid further downside.“$114k needs to be convincingly lost for BTC to go lower. Weekly close relative to $114k will also be key.”Fellow trader Daan Crypto Trades dentified a critical local support zone between $109,850 and $111,900, warning that a drop below this range could weaken Bitcoin’s market structure.“Generally you don't want to see price move back into such a large range/consolidation period after breaking out of it.”Order Book and Liquidity InsightsExchange data from CoinGlass reveals a band of bid liquidity starting at $112,900, aligning with recent daily lows and providing a potential support floor.Market Reaction to US-EU Trade Deal and Fed OutlookThe US-EU trade agreement had minimal impact on US equities, with the S&P 500 and Nasdaq Composite trading sideways after the open.Meanwhile, market expectations for a Federal Reserve interest rate cut in September have diminished:- Prediction service Kalshi shows a rise in odds for no rate cut to 36%, the highest since August 1.- CME Group’s FedWatch Tool gives a 25% chance that rates will remain unchanged.Mosaic Asset, a trading firm, noted from the Fed’s latest meeting minutes: “A broadening consensus over inflation risks outweighing employment concerns.”The upcoming Jackson Hole symposium, where Fed Chair Jerome Powell is expected to speak, is highly anticipated for potential clues on future monetary policy, according to Cointelegraph.SummaryBitcoin’s price action is tightly bound by the $114,000 resistance and support near $110,000–$112,900. A decisive weekly close above or below $114K will likely dictate the near-term trend. Despite the US-EU trade deal, traders are focused on the Fed’s Jackson Hole event, which could influence rate cut expectations and market direction.