Bearish Pressure on Bitcoin
Since July 14, Bitcoin has been oscillating between a resistance at $123,000 and a support at $117,600, reflecting uncertainty about its trajectory. This stagnation could signal the end of the bullish cycle.
According to analysts, whales have transferred between $4 and $5 billion in bitcoin to Binance since late July, a classic sign of a distribution phase. This operation suggests that large holders are preparing to sell, potentially weakening the bullish momentum and increasing downward pressure.
Retail Investor Lag : A Potential Danger
Meanwhile, investments from retail investors have increased significantly, despite BTC’s weakness. Usually a positive sign, this influx concerns Arab Chain. A phase of late buying can cause losses in case of a correction. The market shows whales selling to enthusiastic retail investors. This suggests a possible exhaustion of the bull run.
Continued massive selling could break the support at $117,600, risking a fall toward $113,000. Conversely, renewed buying would allow BTC to break through the resistance and target $126,300. However, the current trend leans more toward a weakening of the bullish movement.
The massive transfer from whales to platforms and the late arrival of small investors indicate that the Bitcoin bull cycle may be losing steam. Investors should remain vigilant for a potential rapid reversal in the coming weeks.
How to Buy Bitcoin on Bitget ?
Here’s a guide to obtaining Bitcoin in August :
- Sign up on Bitget : Create an account on Bitget via their website or mobile app. Complete KYC verification to unlock all features.
- Deposit funds : Transfer USDT, USDC, or another cryptocurrency from an external wallet or another exchange to your Bitget account.
- Find Bitcoin : Access the “Spot” section and search for the BTC/USDT pair. Check the current price.
- Place an order : Choose a market order for immediate purchase or a limit order to set a target price. Indicate the desired amount of BTC and confirm.
