At the end of July, several important events occurred in the Bitcoin (BTC) market. In the last week of the month, profit-taking intensified, indicating a possible reversal in August.

1. Profit-taking by 'awakened' whales
In early July, a whale with 80,000 BTC awakened after more than 14 years of dormancy. Sales from this wallet through Galaxy Digital slowed Bitcoin's growth in the last week of July.

2. Signs of selling among long-term holders of BTC
The second source of selling pressure comes from long-term holders (LTH), who are considered a key support for the Bitcoin market. According to a report by CryptoQuant, these investors began to withdraw funds when Bitcoin reached $120,000 at the end of July. This may indicate caution. Many investors prefer to take profits rather than risk in potential volatility.

3. Increase in BTC outflow from the miners' segment
The third factor is the increase in outflow from miners' reserves, indicating pressure from sellers. CryptoQuant data shows that outflow began to rise again in July after a period of decline. This may indicate a possible change in trend.

4. Pressure from American investors
The Coinbase Premium indicator shows the price difference between Coinbase and Binance. If the premium is negative, then Bitcoin is cheaper on Coinbase, indicating weak demand or strong selling pressure from the U.S. This indicator mainly reflects the behavior of American investors. It remained mostly positive but turned negative at the end of July.