Bitcoin News Today: Bitcoin Slides 2.4% Amid Large Sell-Off and Consolidation Pressure

Bitcoin’s price correction at the start of August has sparked renewed attention among market analysts. According to a report by BiyaPay, the cryptocurrency market is currently navigating a consolidation phase, with Bitcoin (BTC) fluctuating between $114,000 and $118,000 [1]. As of the latest assessment, BTC/USDT was trading at $115,547.97, having dropped 2.4% over the past 24 hours [1].

A significant market development occurred at the beginning of the previous weekend when a large holder offloaded over 80,000 BTC—worth approximately $9.6 billion—via over-the-counter (OTC) trades facilitated by Galaxy Digital [1]. Despite the massive sell-off, Bitcoin managed to stabilize near the $119,000 level, highlighting the market’s capacity to absorb large liquidity shocks [1].

BiyaPay analysts have identified several key levels to watch. The $115,000 mark is currently serving as a critical support level, while resistance is anticipated in the $118,200 to $120,000 range. A successful breakout above this resistance could see BTC challenging its previous high [1]. Conversely, if prices fall below $114,000, the market may test the $111,000–$112,500 support zone [1].

On-chain data reveals that 97% of circulating BTC is in a profitable state, with unrealized profits totaling $1.4 trillion. This highlights the ongoing pressure for profit-taking across the market [1]. Despite this, long-term holders still control 53% of the supply, suggesting that any new major sell-off will require fresh capital inflows to manage the liquidity [1].

The analysts also emphasized that macroeconomic sentiment—such as developments in U.S. stock markets and tariff policies—could influence short-term price movements. They recommend that investors closely monitor breakout signals as the market approaches a key inflection point [1].

BiyaPay analysts noted that through their platform, investors can trade BTC, ETH, and other major cryptocurrencies, as well as U.S. and Hong Kong stocks, using USDT in real time. This allows for seamless participation in global market opportunities without the need for an offshore account [1].

Source:

[1] BiyaPay Analyst: Bitcoin Pullback Initiates August Market, Selling Pressure Unresolved, Direction Uncertain, Near-Term Facing Key Inflection Point (https://www.theblockbeats.info/en/flash/305514)