Bitcoin is facing challenges as it remains below significant resistance levels, with risks of a short-term drop. Institutional buyers continue to be active in the market.
Resistance at $115,000
Bitcoin struggles below the resistance levels of $115,000 and $118,000. If the support fails, a drop to $105,000–$112,000 is possible. Institutional investors such as Japan-based Metaplanet are accumulating BTC despite market fluctuations.
Market Dynamics and Impact on Altcoins
Resistance below $118,000 affects market dynamics, leading to possible asset rotations. Experts note that changes in Bitcoin's dominance can signal shifts towards altcoins. Key traders expect that changes in Bitcoin's trends may indicate the start of altcoin season.
Historical Trends and Accumulation
Historically, August sees an average Bitcoin decline, suggesting downside probabilities. Persistent issues below resistance can precede volatility and accumulation phases. Interest in altcoins and DeFi may also rise if Bitcoin continues to decline.
Bitcoin's ongoing resistance at key levels may prove crucial for defining the market's direction, with institutional accumulation strategies remaining a focal point.
