Bitcoin’s price action, depicting its rise above $68K and the pullback from peak levels in recent quarters.
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📈 Price Snapshot
Current Price: Approximately $113,400 USD, reflecting a slight pullback of around –0.7% over the past 24 hours .
24‑Hour Trading Volume: In the vicinity of $60–61 billion USD, indicating robust market activity .
Market Cap: Around $2.26 trillion USD, with nearly 19.9 million BTC in circulation .
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🔍 What’s Driving the Market
Momentum Pause: Bitcoin recently surpassed $114K but then briefly lost the $115K support level, causing some technical tightening and amplified skepticism among short-term traders .
Institutional Holding: Despite price dip, net outflows on centralized exchanges suggest strong off-exchange accumulation—signaling sustained institutional demand .
Macro Influence: Renewed prospects of a Federal Reserve rate cut in September—spurred by softer employment data—have buoyed sentiment for risk assets like crypto .
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🔮 Looking Ahead: Key Forecasts
Intra-month Range: Analysts anticipate BTC trading between $109K and $115K during August, with potential upside if market conditions stabilize .
Bullish Scenario: Some models suggest a breakout to $120K–$135K later this month if momentum resumes, though broader market caution lingers .
Long-Term Outlook: Elliott wave analysis points to a possible peak around $140K in 2025, with heightened volatility and potential retracement anticipated in 2026 .
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🗒️ Key Levels & Strategy Highlights
Support Level Resistance Level Investor View
~$109K–110K ~$115K–120K Monitor support for signs of resilience
~$100K $120K–$135K (upside view) Watch for institutional entries at dips
Several analysts, including Michaël van de Poppe, recommend viewing dip below $112K as potential buying opportunity—if support holds firm around key levels .
