Over the past two days, Bitcoin has closed below the critical support level of 116K, which I previously highlighted in both my analysis and live streams. This confirms the possibility of a major correction, just as I had warned if this level were broken with volume.
Additionally, the 114K CME gap—which I also discussed during my stream—has now officially been filled as of today.
With this move, my major correction scenario for BTC is now fully in play.
Here are key magnetic levels that may come into focus:
100K: 200-day EMA
92K: CME gap & average mining cost
Current support levels are as follows: 110K – 108K – 104K – 100K – 96K – 92K
As I mentioned in my live broadcast, August is likely to follow the path of a significant correction:
A month to lower average entry cost
A time for profitable short trades
A chance to build long positions near the bottom
The Fed kept interest rates steady this month, and there's a high probability of a rate cut in September, which suggests that any deep correction may occur before that pivot.
Post-September, we could see a real surge in momentum.
I might be wrong — but even if I’m not, there’s always a Plan B.
Watch for daily closes above 116K. If we start closing above it again, the bullish trend may resume. But be cautious: BTC can spike to 120K intraday as part of a liquidity grab. What matters is not touching 120K — it’s closing the day above it.
In short: As long as BTC keeps closing below 116K, the trend remains bearish.
Written by İbrahim COŞAR
