$110K support key as Bitcoin enters bear month with a 5% dip: Analyst

2 weeks ago

Bitcoin volition apt request to clasp supra the $110,000 enactment level to get a accidental astatine retesting its all-time high, according to an analyst, arsenic Bitcoin fell 5% implicit the weekend.

Bitcoin fell from astir $118,330 connected Friday, dropping to $112,300 connected Sunday, a bearish commencement to a historically atrocious period for Bitcoin.

“A batch volition beryllium connected however hazard sentiment holds unneurotic aft Friday’s dire [US] jobs study and caller tariff developments,” IG markets expert Tony Sycamore told Cointelegraph connected Monday arsenic Bitcoin reclaimed $114,800.

He said the pullback from the all-time precocious implicit the play tested and held the enactment coming from the erstwhile grounds precocious of $112,000, “which was besides the logical pullback target.”

“If hazard sentiment stabilizes and Bitcoin remains supra the $112,000/$110,000 support, it tin retest the grounds high. However, conscionable supra present is important monthly absorption astatine $125,000, and I don’t spot the catalyst for that to interruption close now.”

However, if hazard appetite takes different limb little during August and Bitcoin were to spot a sustained break of support, the correction could widen backmost toward the 200-day moving mean astatine $99,355, helium added.

Sycamore’s prediction echoes a akin 1 from Arthur Hayes connected Sunday, warning that macroeconomic pressures could resistance Bitcoin backmost down to the $100,000 level.

August is simply a carnivore period for Bitcoin

Since 2013, Bitcoin (BTC) prices person typically registered a monthly diminution successful August, according to Glassnode.

In 2024, the plus shed 8.6% successful a autumn to conscionable implicit $59,000. This was a tiny nonaccomplishment compared to 2023 and 2022, erstwhile it mislaid treble digits successful August, falling to $27,300 and $19,800, respectively.

The mean nonaccomplishment successful August has been 11.4% truthful if past rhymes and BTC falls by a akin magnitude this month, it could driblet to astir $105,000.

The chart, however, shows exceptions to this regularisation during bull marketplace years.

Septembers person been conscionable arsenic bad

The past clip determination was a summation successful August was during the 2021 bull marketplace erstwhile BTC added 13.8% to extremity the period astatine conscionable implicit $47,000, truthful determination is inactive anticipation arsenic 2025 is besides a bull marketplace twelvemonth if pursuing the four-year marketplace cycle.

However, the outlook is not bully for September either, since 8 retired of the past 12 months of September person besides seen losses historically.

Magazine: China mocks US crypto policies, Telegram’s caller acheronian markets: Asia Express

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