Bitcoin News Today: Bitcoin Dips 2.00% Below $113,000 Amid Miner Offloading and Volatile Market Dynamics

Bitcoin fell below the $113,000 level, marking a continuation of a downward trend that has affected not only the leading cryptocurrency but also major altcoins like Ethereum and Solana, which have seen declines exceeding 4 percent in recent days [2]. On August 2, the price of Bitcoin dropped to as low as $112,994.898438, representing a 2.00% decrease compared to the previous 24 hours according to Binance Market Data [1]. The decline has sparked renewed interest from traders who are adopting a "buy the dip" strategy, with some observers noting that large whale activity suggests anticipation of a potential price rebound [3].

The downward movement has also led to increased offloading by Bitcoin miners, who reportedly reduced their holdings by 3,000 BTC between July 16 and August 1, coinciding with a price drop of over $5,400 during the same period [6]. This sell-off has occurred amid heightened liquidation risks, with $944 million in long positions at risk of being triggered should Bitcoin fail to stabilize above key levels [4].

Technical analysts are closely watching the $113,000–$117,000 range, a critical inflection point for Bitcoin’s near-term direction. A confirmed breakout above $117,000 could re-ignite bullish momentum and lead to a new phase of price discovery. Conversely, a failure to hold above $113,000 may result in further downward corrections, with potential support levels estimated around $107,000 and $100,000 [4]. The RSI currently stands at 42.85, signaling a neutral stance, while short-term indicators suggest caution despite long-term bullish trends remaining intact [4].

Some analysts have identified bullish chart patterns, including a cup-and-handle formation and a potential bull flag on futures charts, which—if confirmed—could project a move toward $134,500 or even $140,000 by year-end, according to technical strategist Katie Stockton and some Elliott Wave analysts [4]. These are analytical forecasts, however, and should not be taken as confirmed market outcomes.

Prominent investors remain watchful. Robert Kiyosaki has stated he would consider increasing his Bitcoin holdings should the price dip below $90,000, a level significantly lower than the current price but indicative of a broader "buy the dip" mentality [7]. On-chain data also suggests that long-term holders are consolidating their positions, with declining exchange balances on platforms like Glassnode indicating a shift toward more secure, long-term storage [4].

Despite the recent volatility, Ethereum has shown signs of strength, trading near key resistance levels and potentially poised for a breakout if current momentum holds [4]. Lookonchain analysts have cited a 67% probability of further declines in August and September [8]. As Bitcoin and Ethereum hover near critical thresholds, traders are advised to monitor both price action and technical indicators closely, with volatility expected to rise as the market continues to test historical resistance zones [4].

Source:

[1] Binance - https://www.binance.com/en/square/post/27910831678522

[2] AInvest - https://www.ainvest.com/news/bitcoin-news-today-bitcoin-drops-113-000-mutuum-finance-token-surges-2508/

[3] Mitrade - https://www.mitrade.com/insights/news/live-news/article-3-1007754-20250803

[4] FinanceFeeds - https://financefeeds.com/bitcoin-eyes-breakout-as-key-resistance-levels-tested/

[6] XT.com - https://www.xt.com/en/blog/post/bitcoin-miners-offload-3000-btc-as-price-drops-to-113k

[7] Holder.io - https://holder.io/news/kiyosaki-buy-bitcoin-below-90k/

[8] Binance - https://www.binance.com/en/square/post/27891415202361