Main meals:
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The sharp Bitcoin recovered after Jackson Hall faded into a drop weekly candle.
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Onchain data shows $ 105,000 as a major support as medium -sized wallets are sold.
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The seasonal weakness and fatigue of BTC ETF raises the risk of decline about $ 100,000 – $ 92,000.
Bitcoin (BTCA sharp recovery was published on Friday, and gained 3.91 % to $ 117,300 from $ 111,700 after the DOVish suspension from the Jackson Hall symposium promoting risk appetite.
It has been the strongest daily return on BTC since July 10, which leads to another leg optimistic towards its highest fresh levels. However, the momentum quickly evaporated, with the opposite of bitcoin during the weekend and slipped to $ 110,600 on Monday.
The dumping weekly candle emphasizes weakness on the downside, as onchain data indicates a wide distribution between the holders.
Data from Glassnode He appears All BTC wallet groups have now turned into a distribution, led by a group of 10-100 BTC. Successive behavior through wallet sizes highlights the uniform pressure on the sale aspect, which weighs to price stability.
Likewise, analyst Boris Vest Notes Divorced the behavior of the wallet: smaller holders (0-1 BTC) accumulated steadily from the peak, while the 1-10 BTC portfolio resumed purchase less than $ 107,000. On the contrary, the wallets of 10-100 BTC turned to the net sellers after $ 118,000, while adult holders over 1000 BTC remain consistent distributors.
However, the 100 -BTC group is divided between accumulation and distribution about $ 105,000, on the occasion of a major support zone and the last stronghold before the main corrections.
Bitcoin achieved price data Slope This reflection. The price investigators sit for one to three months at 111,900 dollars, while the groups are three to six months and 6 to 12 months are much lower than $ 91,630 and 89,200 dollars, respectively.
The wide gap reflects the short term in the short term near the last levels, compared to the holders of the term with the cost rules closer to 90,000 dollars.
The market analysis indicates that if Bitcoin loses $ 105,000, the lack of heavy cost support between the current levels and $ 90,000 can accelerate the negative momentum. Such a collapse can force new buyers to surrender, leaving the range from 92,000 to $ 89,000 as the following major demand zone.
Related: Bitcoin Longs Longs has been eliminated as SUB-$ 110K BTC growing with a higher voice
Seasoning Bitcoin and ETF tired kick in
The current decline also corresponds to the seasonal bitcoin tendencies. Historically, it was distinguished from August to September, and often enlarged by the “ghost month” in Asia, which lasts this year from August 23 to September 21. I mentioned This period often coincided with softer appetite and risks to achieving profits among merchants.
Since 2017, Bitcoin has recorded an average decrease in the month of ghosts by 21.7 %, with noticeable decreases of -39.8 % in 2017 and -23 % in 2021. based on these averages, the decline is still about 105,000 to 100,000 dollars consistent with seasonal patterns and technical support areas.
In addition to cautious tone, Roman trading trading trade information Structural risks at the current BTC gathering. The analyst said that BTC/EUR has not recorded the highest new level ever since last year, indicating that the last upward trend is closely related to the US dollar weakness than organic demand.
Roman also warns that the enthusiasm of the Bitcoin Fund traded after the point (ETF) may fade, with the exhaustion of the high framework that resembles the previous distribution stages.
Related: Bitcoin Whales Og to blame the pain of painful BTC: Willy Woo
This article does not contain investment advice or recommendations. Each step includes investment and risk trading, and readers must conduct their own research when making a decision.
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