Recently, Bitcoin's price has faced significant pressures as interest in the asset wanes and economic indicators raise concerns.
Decline in Bitcoin Interest
Bitcoin's price dropped to $112,000, 8.9% below its all-time high. This drop occurred amid a decline in demand for spot Bitcoin ETFs in the U.S., which recorded a net outflow of over $812 million.
Impact of Tariffs and Economic Data
Recent actions by President Donald Trump to impose tariffs on imported goods also negatively impacted the market. The employment level in the U.S., according to the Bureau of Labor Statistics, added only 73,000 jobs in July, significantly below the expected 110,000.
Technical Analysis of Bitcoin Prices
According to the daily chart, Bitcoin's price peaked at $123,200 and then retreated to $112,000, confirming a 'break-and-retest' pattern. As long as the price remains above the support level of $112,000, a rebound is expected in the coming days.
The decline in Bitcoin's price alongside unfavorable economic conditions highlights the current risks in the cryptocurrency market while investors remain cautious.
