Bitcoin dropped to $112,828 in trading on August 22, down 1.4% in one day, and more than 9% from its recent peak of $124,128, amid a cooling demand from retail investors against an increasing appetite from whales to buy.
According to market data, the spot trading volume fell by 23.9% to $31.58 billion, while derivatives contracts decreased by 16.7% despite a slight increase in open interest to $81.43 billion, reflecting a clear caution from traders.
At the same time, analysts revealed that individual demand decreased by 5.7% over the week, warning that Bitcoin retesting the $112,000 level twice could weaken its support strength and pave the way for a deeper drop.
However, CryptoQuant data showed that whales bought more than 16,000 Bitcoins in seven days, which may indicate their bet on a new rebound from current levels.
Technically, indicators are registering a downward trend, with Bitcoin approaching oversold conditions and increasing the likelihood of sharp fluctuations in the upcoming period.
