Bitcoin experienced a sharp decline, marking an 8.5% drop from its recent peak in mid-August and contributing to a wider market correction. CoinGlass data reveals nearly $451 million in liquidations across the crypto markets within the last 24 hours, with one notable Bitcoin order on Binance wiping out $9.7 million. Analysts predict that support could be near $112,000, but a drop below $110,000 could trigger panic selling and potentially lead to a plunge towards $100,000. izzling hot U.S. Producer Price Index data, exceeding market expectations, has dampened hopes for Federal Reserve rate cuts. As the Fed’s Jackson Hole meeting approaches, investors are cautious, anticipating policy signals that could significantly impact risk assets. While short-term volatility is present, some analysts remain optimistic about Bitcoin’s long-term potential as we enter the final months of the year. CoinCodex forecasts suggest a potential rebound in momentum following this correction, paving the way for another rally later in the year. Please remember that this information should be used only for informational purposes and does not constitute financial advice. Coindoo.com does not endorse or recommend any particular investment strategy or cryptocurrency. It’s essential to conduct thorough research and consult with a qualified financial advisor before making any investment decisions.