Bitcoin price officially enters correction mode; Here’s what’s next
Main Idea
Bitcoin is testing key support levels after a market decline, with $107,160 emerging as a crucial support level based on accumulated BTC purchases.
Key Points
1. Bitcoin has lost the $115,000 support amid a broader market decline of nearly 10% from mid-July record highs.
2. Key psychological support levels include Fibonacci retracement levels at $106,000 (0.382) and $102,000 (0.5).
3. Over 111,000 BTC have been accumulated at the $107,160 support level, reinforcing its importance.
4. Bitcoin was trading at $113,651 at press time, with a modest 0.1% gain in 24 hours but a 4% weekly decline.
5. A drop below the $110,000 support zone could trigger further declines.
Description
With Bitcoin ( BTC ) losing the $115,000 support amid a broader market correction, a trading expert has suggested that the asset has officially entered correction mode. According to Master Ananda , Bitcoin’s corrective phase is evident in its nearly 10% decline from mid-July record highs, with the price now testing key support near the previous all-time high. In an August 2 TradingView analysis , Ananda noted that despite the current bearishness, Bitcoin remains within a healthy bullish cycle, c...
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