Bitcoin Drops Below $115,000 as Spot Trading Volume Exceeds $6 Billion

Bitcoin (BTC) dropped to $114,386 today, leading to nearly $300 million in liquidations within 24 hours. This decline raises concerns about investor confidence, although increased spot trading volumes suggest a potential accumulation phase.

Accumulation Phase Insights

Binance's BTC spot trading volume exceeded $6 billion on August 18, marking a significant increase.
The spike indicates heightened participation from institutional investors and large traders.
Historically, strong buying during price dips often signals accumulation at discounted prices, which can reduce selling pressure.
A decrease in Binance Whale-to-Exchange Flow fell from $6.4 billion to $5 billion, indicating fewer large holders are sending BTC to exchanges for selling.
Analysts note that if accumulation continues, BTC may recover and target higher resistance levels, potentially reaching $130,000.

September Concerns

Some analysts express caution regarding BTC's outlook for September, suggesting potential challenges ahead.
Crypto analyst Josh Olszewics emphasized the need for BTC to withstand “brutal September” conditions before any significant rebound in Q4.
Another contributor warns of possible increased selling pressure in the next 1–2 weeks.

As of now, BTC is trading at $115,489, down 0.1% over the past 24 hours.