Bitcoin News Today: Bitcoin Faces Bearish Correction Amid Macroeconomic Pressures and Massive Sell-Offs

Bitcoin's recent price movement has raised concerns among investors and analysts as macroeconomic pressures continue to mount. After a sharp correction pushed the cryptocurrency below key support levels, the asset faces the risk of further decline amid weak economic data, global policy uncertainties, and ongoing selling pressure. Although the 50-day EMA support has been retested, debate persists over whether the move signals a bearish correction or a consolidation phase before a potential breakout [1].

Arthur Hayes, co-founder of BitMEX and CIO at Maelstrom Fund, has warned that Bitcoin could drop to $100,000 due to growing macroeconomic headwinds. His bearish outlook is supported by recent on-chain activity, including a major selloff of 80,000 BTC by an old whale in late July, valued at nearly $9.6 billion at the time. Such large-scale movements have historically preceded consolidation phases, after which Bitcoin has eventually broken out to new highs [4]. Hayes has also sold $13.3 million in crypto assets, further reinforcing his pessimistic stance [3].

The broader market has also experienced significant turbulence. Over $900 million in long positions were liquidated in the first week of August, highlighting the severity of the selloff. Bitcoin ETFs have also seen outflows as investors shift to safer assets amid heightened volatility [2]. Major cryptocurrencies like Ethereum and XRP have followed Bitcoin’s downward trend, compounding the bearish sentiment.

Despite the near-term weakness, some analysts argue that Bitcoin is forming a classic technical pattern. The cryptocurrency has retested the neckline of an inverted head-and-shoulders setup, a bullish reversal signal that could drive it toward $148,250 if the structure holds. A stable consolidation near $110,000–$112,000 could signal a “perfect bottom,” positioning the asset for a new accumulation phase [4]. Technical indicators like the RSI and MACD suggest potential exhaustion in the bearish trend, hinting that the current drawdown might be a final shakeout before a renewed rally.

Meanwhile, macroeconomic developments add to the uncertainty. Downward revisions in nonfarm payrolls for May and June—by 258,000—have intensified speculation about a more aggressive Fed rate-cutting schedule. This has bolstered the case for a potential Fed pivot, with CME’s FedWatch Tool showing an 81.7% chance of a 25 basis point cut in September. Analysts like Tom Lee and Jamie Cox have hinted at the possibility of a larger 50 basis point cut, suggesting the Fed may respond more forcefully than expected [1].

In summary, Bitcoin faces a delicate balance between macroeconomic headwinds and potential technical catalysts. While the immediate outlook remains volatile, the market’s historical resilience suggests that the current correction could be a temporary phase. The key question is whether Bitcoin can hold critical support levels or if continued selling pressure will force further declines.

Sources:

[1] https://www.bitget.com/news/detail/12560604893519

[2] https://www.rootdata.com/news/146230

[3] https://www.ainvest.com/news/bitcoin-news-today-bitcoin-dips-10-bullish-consolidation-115-000-2508/

[4] https://www.financemagnates.com/trending/how-low-can-bitcoin-go-arthur-hayes-btc-price-prediction-suggests-the-crypto-may-go-down-and-hit-100k/

[5] https://coindcx.com/blog/price-predictions/bitcoin-price-weekly/

[6] https://www.fingerlakes1.com/2025/08/02/xrp-smart-buy-crypto-dip-74238974329/