Bitcoin News Today: Bitcoin Slides 6% Below $117,000 as Ghost Month Concerns Loom

Bitcoin retreated below $117,000 after reaching a peak of $124,000, marking its sharpest decline of the month on August 14. This nearly 6% drop was accompanied by a bearish engulfing pattern on the daily chart, a technical signal often associated with trend reversals [1]. Despite this pullback, on-chain data revealed continued demand from key markets. The Coinbase Premium Index hit a monthly high, reflecting robust absorption of Bitcoin by U.S. investors [2]. Similarly, the Kimchi Premium, a metric tracking the price difference between U.S. and South Korean exchanges, turned positive, suggesting renewed interest from traders in Korea [2].

Short-term holder liquidation levels remained relatively low, with only 16,800 BTC being lost at a loss, significantly below the 48,000 BTC observed during past corrections. This indicates that traders are managing positions carefully, rather than capitulating under pressure [1].

The market is also navigating the psychological impact of the so-called “Ghost Month,” a period in Asian cultures typically marked by superstition and reduced risk-taking, which this year spans from August 23 to September 21. Historical data shows that Bitcoin has averaged a 21.7% decline during this period since 2017, with drops of up to -39.8% in 2017 and -23% in 2021. If the current trend follows a similar pattern, prices could test the $100,000 to $105,000 range [1].

From a technical perspective, the $116,000–$117,000 zone is considered a key support level, where spot and futures buying is concentrated. A successful defense of this level could pave the way for a renewed upward move. Conversely, a stronger pullback during the Ghost Month may confirm a deeper test around $100,000 [1]. Analysts have noted that a summer correction linked to the Ghost Month could set the stage for a stronger rebound in the fourth quarter, driven by potential increases in institutional buying and capital inflows [1].

Currently, Bitcoin is operating in a tense equilibrium, caught between signs of market resilience and the looming threat of a seasonal correction. If the Ghost Month extends the decline, it could present long-term accumulation opportunities for investors. This recurring interplay between psychological and technical factors continues to shape the volatile nature of the cryptocurrency market [2].

Sources:

[1] FXEmpire, [https://www.fxempire.com/crypto/bitcoin/news](https://www.fxempire.com/crypto/bitcoin/news)

[2] WiKiBit, [https://news.wikibit.com/en/202508163764896071.html](https://news.wikibit.com/en/202508163764896071.html)

[3] CoinRank, [https://www.coinrank.io/](https://www.coinrank.io/)