Bitcoin fell under 117,000 dollars after a summit at 124,000. Between downstream pressures linked to ” Ghost Month Asian and signs of resilience in the United States and Korea, the market hesitates. The threat of falling to $ 100,000 fueling tension.
In short
- Bitcoin fell under 117,000 dollars after a summit at 124,000, with a confirmed downward signal.
- On-chain indicators show solid demand in the United States and Korea, despite 16,800 BTC sold at a loss.
- The “Ghost Month” could accentuate the correction up to $ 100,000 before a possible rebound at the end of the year.
Bitcoin falls after its record at $ 124,000: a confirmed lowering signal
After reaching a record of $ 124,000 a few days ago, Bitcoin was falling by almost 6 %, returning to $ 117,000 on August 14. The daily graphic revealed a low -winging catcher, a technical signal which reflects a trend reversal. This episode is the most marked withdrawal of the month, strengthening the idea of a consolidation phase.
Despite this correction, on-chain indicators highlight a strong market absorption capacity:
- The Premium Index Coinbase reached a monthly summit on August 14, proof of increased demand in the United States.
- In parallel, the Kimchi Premium, an indicator specific to South Korea, is ironed in positive territory. Confirming a resume of appetite for local investors.
In addition, the capitulation signals have remained limited. Indeed, only 16,800 BTCs were liquidated as far as short -term holders are liquid for! Which is below 48,000 bitcoin observed in previous corrections.
THE ” Ghost Month “: When superstition weighs on bitcoin
Beyond technical indicators, cultural seasonality plays a role. To this end, the ” Ghost Month “, Which extends this year from August 23 to September 21, is perceived in Asia as a period of auspicious. If this belief has no direct economic basis, its psychological impact on the markets is real. Among other things, the drop in appetite for the risk and multiplication of profits.
Historically, Bitcoin often fell during this period. Since 2017, the average drop recorded amounts to 21.7 %. This, with significant episodes: -39.8 % in 2017 and -23 % in 2021. As a result, applying this scheme during the current course, an additional correction could bring the BTC back to the 100,000 to 105,000 dollars area before hoping for a lasting recovery.
Is a return to $ 100,000 inevitable for the BTC?
From a technical point of view, the zone from 116,000 to 117,000 dollars is a key support for Bitcoin, where Spot and future positions are concentrated. If this base holds, the market could quickly regain an upward trajectory. On the other hand, a marked withdrawal of the BTC during the Ghost Month would strengthen the scenario of a test phase around 100,000 dollars.
In the longer term, several analysts believe thata summer bitcoin correction due to ” Ghost Month »» could prepare a solid bitcoin rebound in the fourth quarter. This will be supported by a resumption of institutional demand and accumulated capital flows. The central question remains whether collective psychology will give in to seasonal fear. Or if the fundamentals will counter this repeated cycle.
How far will the current Bitcoin fall go? Currently, the BTC is evolving in a tension zone between resilience signals and threatens with seasonal correction. If the Ghost Month was to prolong the decline, it would perhaps offer an accumulation opportunity for long-term investors before a possible recovery at the end of the year. This annual meeting between superstition and finance recalls that collective psychology weighs as much as technical indicators on the Crypto market.
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