Bitcoin has fallen 5% as it enters August, a month historically marked by declines for the cryptocurrency. After starting around $118,330, the price dropped to approximately $112,300 by Sunday. Analysts suggest that sustaining above the critical $110,000 support level is essential for Bitcoin to have a chance to retest its previous all-time high. If risk sentiment worsens, Bitcoin may slide further toward the 200-day moving average at around $99,355. Historically, August has been unfavorable for Bitcoin, with losses observed in eight of the past twelve years, and the average downturn being 11.4%. Previous significant drops occurred in 2022 and 2023, which witnessed losses exceeding 10%. Despite this, there remains a glimmer of hope, as the only positive performance in August since 2013 occurred during the 2021 bull market. However, September has also proven to be challenging for Bitcoin, adding to the uncertainty of the market's outlook for the remainder of the year.

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