Bitcoin rebounded sharply after dovish commentary from the Jackson Hole symposium but quickly reversed to $110,600 over the weekend. This volatility results in a bearish engulfing candle reflecting downside vulnerability, with onchain data revealing broad distribution among holders, particularly in the 10–100 BTC wallet group. Smaller holders have been accumulating, while wallets of 10–100 BTC have sold off after reaching $118,000. The critical support zone now lies at $105,000, as significant selling pressure mounts. Furthermore, the lack of cost support below this level raises risks of a swift drop towards $92,000. Seasonal tendencies indicate that August to September typically sees weakness in Bitcoin prices, exacerbated this year by Asia's 'ghost month.' Historical data shows average declines during this period and a potential impact of waning spot Bitcoin ETF enthusiasm. Analysts highlight structural risks in the current rally, suggesting that upside momentum may not be sustainable without robust demand. Investors are advised to remain cautious as the market navigates these dynamics.

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