Bitcoin closed August with a 6.49% decline, drawing attention to market activity and key support levels.
Overview of Bitcoin's August Decline
Bitcoin finished August down **6.49%**, breaking its recovery after an **8.13%** rise in July. The market's condition raises concerns, as August has ended in the red four out of the past five years. The $100,000 level has become a crucial barrier against further selling pressure.
Current Market Signals and Support Levels
According to recent data, there has been an increase in transfers from miners to exchanges, particularly Binance, indicating a rise in market supply. Bitcoin's price retreated to about $108,700 due to profit-taking and miner liquidations. Market signals show strain but not capitulation, with BTC stabilizing around $110,400 at the time of writing.
Outlook and Visual Charts
Price structure supports the notion that the current correction is not conclusive. If Bitcoin holds above $112,500–114,000, it will open a path to $118,000. Conversely, a drop below $100,000 could trigger new sell-offs. Indicators such as RSI and NVT indicate weak but stabilizing trends.
In the coming days, it is crucial to monitor trader actions around key support levels and keep an eye on major indicators to gauge market movements.
