An analyst said that Bitcoin would need to remain above the $110,000 level of support to be able to retest its previous high. Bitcoin had fallen 5% at the weekend.
Bitcoin dropped from $118,330 to about $92,030 on Friday. dropping to $112,300 Bitcoin’s historically terrible month began with a downbeat start on Sunday.
“A lot will depend on how risk sentiment holds together after Friday’s dire [US] jobs report and new tariff developments,” Tony Sycamore is an IG market analyst who told Cointelegraph that Bitcoin has recovered $114,800.
According to him, the drop from the previous record high of 112,000 dollars tested the strength and support that he had gained from his former high. “which was also the logical pullback target.”
“If risk sentiment stabilizes and Bitcoin remains above the $112,000/$110,000 support, it can retest the record high. However, just above here is significant monthly resistance at $125,000, and I don’t see the catalyst for that to break right now.”
If risk appetite continues to fall in August, and Bitcoin is to experience a continued increase break of supportThe correction could reach the 200 day moving average, which is $99355, said Mr. Addendum.
Sycamore’s predictions echoed similar ones made on Sunday by Arthur Hayes. warning that Bitcoin could be pushed back to $100,000 by macroeconomic forces.
Bitcoin has a down month in August
Bitcoin has been around since 2013.BTCPrices have usually declined by a monthly average in August. according Glassnode
In 2024 the asset lost 8.6%, falling to just above $59,000. It was still a modest loss when compared with 2022 and 2023, where it fell by double-digits to $19,800 and $27,300 respectively.
BTC could fall to $105,000 if the average August loss is similar.
Nevertheless, this chart shows some exceptions during bull-market years.
The September has been as bad
BTC was last up in August during 2021’s bull market, when it gained 13.8% and ended the month just above $47,000. The bull market is expected to continue in 2025, which follows a four year market cycle.
Related: Bitcoin ends record month at $115K with BTC price set for ‘vertical’ August
This is the outlook not good for September Eight of the 12 previous Septembers saw losses.
Magazine: China mocks US crypto policies, Telegram’s new dark markets: Asia Express
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Source: cointelegraph.com
