According to an analyst Bitcoin needs to stay above $110,000 to have a shot at testing its record high. Bitcoin dropped 5% on the weekend.
Bitcoins fell to $118.330 from around $118.330 on Friday dropping to $112,300 On Sunday, Bitcoin had a bad start for a month that has been historically poor.
“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.
The pullback of the record-high price from $112,000 over the past weekend was a test and a hold for him. “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 able to maintain a steady upward trend break of supportHe added that the correction may extend to the 200-day average of $99,355.
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.BTCIn August, prices typically decline by one month. according Glassnode
The asset fell 8.6% to just under $59,000 in 2024. In 2023 and in 2022 the asset lost by double digits, dropping to $27300 and $19800 respectively.
If history repeats itself and BTC drops by the same amount in this month’s price, then it may drop as low as $105,000.
The chart still shows that this rule is not always followed during bull markets.
The Septembers were just as bad
BTC gained 13.8% in August 2021, the last bull market year. The month ended at just under $47,000. It is not too late to buy BTC as 2025 will also be a bull year following a 4-year cycle.
Related: Bitcoin ends record month at $115K with BTC price set for ‘vertical’ August
This is the outlook not good for September In the last 12 months, eight of them have been losses.
Magazine: China mocks US crypto policies, Telegram’s new dark markets: Asia Express
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Source: cointelegraph.com
