The price of Bitcoin continues to be under downward pressure at the $114,337 level. Broad market uncertainty and the tariff wars initiated by Trump are affecting this situation.
The supply of profitable assets has decreased to 92.5%, indicating a reduction in selling pressure on the market. This situation can be interpreted as a signal that a more neutral trend may begin in the market.
The price of Bitcoin may consolidate around $110,000 in the upcoming period. If it can break the resistance at $115,000, an increase towards the $117,261 level may occur.
Since the beginning of August, the price of Bitcoin has been on a downward trend, falling to $114,337. Among the main reasons for this decline are the general market concerns caused by the tariff wars initiated by Trump.
However, the panic effect in investor sentiment seems to have diminished. Price movements in Bitcoin are now more shaped by the overall effects of market conditions.
The Supply of Profitable Bitcoin is Decreasing
This week, the supply of profitable Bitcoin has dropped below 95%. Historically, this situation indicates market peaks. Bitcoin has had a profitable supply rate above 95% for about a month, which was creating selling pressure due to excessive optimism.
However, when the supply in profit drops to 92.5%, selling pressure has started to ease. This could herald a more neutral or positive momentum shift in price movements.
The net position change in cryptocurrency exchanges has recently reached a four-month high, reflecting peak conditions in the market. Generally, an increasing influx of assets into exchanges indicates that the upward momentum is weakening and sales are increasing.
However, the recent selling trend seems to be losing strength. Uncertainties like Trump's tariff decisions may have led to a cautious wait in the market.
Price Consolidation and Technical Outlook
With decreasing selling pressure, the Bitcoin price may currently enter a horizontal trend period. This process could create a suitable environment for BTC to regain the support it has lost, especially as overall market conditions stabilize.
Technically, Bitcoin is trading around $114,337, and the parabolic SAR indicator is positioned above the candles, indicating that the downward momentum continues. On the other hand, the 50-day exponential moving average (EMA) serves as strong support, indicating that market sentiment is not entirely negative.
It is likely that Bitcoin will remain in a consolidation around $110,000 in the upcoming period. If it can break the $115,000 level and turn this point into support, an increase towards $117,261 may be observed. However, exceeding the $120,000 level is not expected in the near term.
On the other hand, if external factors such as Trump's tariff decisions increase selling pressure in the market, Bitcoin may lose more value. If the $111,187 support is lost, the price could decline to $109,476 and experience a deeper weakening.
If Bitcoin exceeds the $110,000 level, the current downward or neutral trend outlook may lose its validity.