Bitcoin May Face Continued August Pressure Amid Key Support Levels and Historical Trends
Main Idea
Bitcoin is facing a historically bearish August, with critical support levels at $110,000-$112,000 needed to avoid deeper declines, while macroeconomic factors and risk sentiment further influence its performance.
Key Points
1. Bitcoin dropped 5% over the weekend, testing key support near $112,000, with historical trends showing an average August loss of 11.4% since 2013.
2. August and September are typically bearish months for Bitcoin, with losses recorded in eight of the past twelve years for each month.
3. Critical support levels for Bitcoin are between $110,000 and $112,000; holding these levels is crucial to avoid further declines and potentially retest all-time highs.
4. Macroeconomic pressures, including US jobs data and tariff developments, heavily influence Bitcoin’s risk sentiment and price stability.
5. Analysts warn that weakening risk appetite could lead to extended corrections, with potential downside risks pushing Bitcoin toward the $100,000 level.
Description
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