Analysts note that the current correction of Bitcoin is a routine part of its bullish cycles, providing possible support levels.
Current Bitcoin Correction
According to TradingView analyst Master Ananda, Bitcoin's 10% decline from its mid-July peak signals a typical correction phase rather than a trend reversal. He emphasized that the $110,000–$100,000 zone remains crucial for maintaining the broader uptrend.
Support Levels and Price Outlook
Technical analysis indicates immediate support around $107,000–$110,000, with the $100,000 mark standing out as a key psychological and historical level. Fibonacci retracement zones also reinforce these support areas. Market observers warn that a sustained weekly or monthly close below $100,000 could invalidate the current bullish structure.
Long-Term Holders and Their Market Impact
Data shared by user CryptoUncle0x on CoinMarketCap reveals that 53% of Bitcoin's supply is now held by long-term holders. This high concentration of assets is historically linked to major supply squeezes and strong market recoveries. The current accumulation trend suggests that while short-term volatility persists, conviction among seasoned investors is growing.
The analysis shows that despite short-term volatility, recognized support levels and a high concentration of assets among long-term holders may contribute to future growth for Bitcoin.
