Bitcoin prices dip! – Assessing if BTC can defend KEY support
Main Idea
Bitcoin's price is testing a key support level around $113K amid bearish signals, while on-chain activity shows signs of strength, creating a pivotal moment for BTC's near-term direction.
Key Points
1. Bitcoin's Perpetual-Spot Price Gap turned negative, indicating short pressure, with the price hovering around $113K and testing critical support levels.
2. The Parabolic SAR flipped bearish, and the RSI dropped to 44, suggesting potential downside targets near $105K or $100K.
3. Spot inflows rose with a Net Inflow of $32.56 million, contrasting previous outflows, possibly signaling hedging or rebalancing amid price weakness.
4. On-chain activity improved, with Active Addresses up 11.6%, New Addresses up 7.7%, and Zero Balance Addresses up 12.1%, offering a bullish counterweight to bearish trading patterns.
5. The $113K–$111K support zone is crucial; holding it could revive bullish momentum, while a breakdown may lead to further declines.
Description
BTC tests critical support as spot inflows rise and futures sentiment weakens despite strong on-chain activity.
Latest News
- Ripple [XRP] – Could THIS bearish pattern drive prices to $2.60?2025-08-03 00:15:56
- Bitcoin – Why BTC is not in a price bubble, despite recent volatility2025-08-02 23:12:48
- Ethereum – 3 signs suggest ETH prices could dive to $3.2K2025-08-02 21:06:57
- UK to lift crypto ETN ban for retail traders on October 8 – Details here!2025-08-02 19:12:40
- Strategy owning 3–7% of Bitcoin supply is not too much – Michael Saylor2025-08-02 15:09:51