Bitcoin is currently evolving in an uncertain area, capable of switching through one direction or the other. A few weeks ago, he reached an unprecedented summit at $ 123,000, before falling back to $ 113,000, erasing his recent gains and putting many pressure investors. According to Glassnode data, cryptocurrency has passed under a level of key support and is now in a risky area, between $ 110,000 and $ 116,000.
In short
- Bitcoin buyers entered 120K BTC after the fall at $ 112K, but the prices are still facing high resistance around the $ 116,900 mark.
- The profits of short -term holders fell to 70 % and only 45 % of the parts are sold with profit, showing increasing caution and reduced confidence.
- ETF outputs and lower -term contract financing rates show cooling of traders feeling and reduced appetite for high -risk leverage.
Opportunistic buyers intervene
Glassnod's on-chain data show that some investors quickly benefited from the decline, according to the report. Between July 31 and August 4, around 120,000 BTC were acquired. Prices rebounded from $ 112,000 to more than $ 114,000, a sign of a downward purchase. However, the offer remains limited in this area.
Consequently, Bitcoin must strengthen its support in the area from $ 110,000 to $ 116,000 before any significant rally. The market remains hesitant and the prices have not yet crossed the resistance of $ 116,900.
This resistance now corresponds to the average cost of short -term holders who bought during the last month. An exceeding of this threshold would translate a stronger demand and would indicate a recovery. Until then, the risk of decline remains.
Short -term pressure holders
Short -term holders (STH) feel pressure: the share of their still in profit has increased from 100 % to 70 %. If the situation is not yet alarming, new losses could undermine the confidence of investors.
In addition, less BTC held by STH are spent with profit. This proportion fell to 45 %, below the 50 %neutral threshold, which reflects an wait -and -see attitude. Neither panic nor impulsive purchase currently dominates.
Bitcoin's price remains above the basic cost of STH, estimated at $ 106,000. Historically, this level delimits the bullish and short -term hobbles. Maintaining above suggests that the market is going through a healthy correction rather than a break.
The ETF and future markets reflect a change of feeling
Traditional investment products also display signs of prudence. On August 5, the Bitcoin ETF recorded a large exit of 1,500 BTC, the strongest since April, possibly linked to institutional profits. So far punctual, these outings, however, deserve close monitoring in the event of lasting evolution of feeling.
In the term markets, the atmosphere has also cooled. The financing rates of the main perpetual swaps have passed under 0.1 %, a sign that traders are no longer ready to pay a supplement to maintain long positions with leverage. This decline marks a passage from euphoria to caution.
Bitcoin therefore evolves in a delicate phase: buyers manifest themselves, but the resistance remains solid. As long as the price is maintained above $ 110,000, the risk of a deep correction remains limited. A crossing above $ 116,900 could, on the contrary, rekindle the bullish feeling.
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