Bitcoin traders absorb the pullbacks but the "Ghost Month" may prolong the suffering 📉👻
✅ Bitcoin price: dropped below $117,000 on August 14, marking the largest monthly correction since July.
✅ Daily candle pattern: a Bearish Engulfing pattern appeared for the first time since July 15, indicating potential weakness.
✅ Buying demand: on-chain data showed continued buying activity, with the Coinbase Premium index for U.S. demand rising, and the Kimchi Premium index returning to buying pressure in Korea.
✅ Stablecoin flows: USDC entered exchanges worth $3.88 billion after the price drop, reflecting traders' readiness to invest.
✅ Collapse signals are limited: only 16,800 BTC were moved to losses by short-term holders, compared to 48,000 BTC in previous collapses.
👻 The impact of "Ghost Month" on Bitcoin
✅ Period: August 23 – September 21, culturally associated in Asia with bad luck, and may psychologically affect traders.
✅ History: since 2017, Bitcoin has seen significant pullbacks during this period, such as -39.8% in 2017 and -23% in 2021.
✅ Forecast: if Bitcoin follows the historical average, the price may reach $100,000–105,000 before any significant recovery.
✅ Potential support: between $116,000–117,000 according to buy orders in the spot market and futures contracts.
✅ Recovery: any deep drop could set the stage for a stronger recovery in the fourth quarter of 2025.