Bitcoin Faces Pressure as Fresh Demand Emerges in Market
Bitcoin (BTC) is currently under pressure, having breached its bullish trendline from April, with support around $114,600. Fresh demand is emerging as first-time buyers increased their holdings by 1% to 4.93 million BTC. However, short-term selling pressure has risen, with loss sellers increasing by 37.8% to 87,000 BTC. Analysts suggest that if the market absorbs these sales quickly, it may signal a potential rebound.
Ethereum (ETH) prices are retracing toward a crucial resistance point near $4,100 after losing over 12% from its peak. Staying above this level could indicate a shift in market dynamics.
Overall, the crypto market shows signs of interim weakness despite being in an ongoing bull run. Key points include:
- BTC is down 1.84% at $115,205.89
- ETH is down 2.75% at $4,305.90
- DeFi TVL on Solana rose 30.4% to $8.6 billion
- Open interest in BTC perpetual futures dropped to 214,000 BTC
- Bearish sentiment observed in BTC puts and ETH options
What to Watch
- Aug. 20: Hedera (HBAR) mainnet upgrade.
- Aug. 20: Qubic (QUBIC) halving event.
- Aug. 21: Viction (VIC) Atlas hard fork upgrade deadline.
Market Movements
- DXY up 0.14% at 97.99
- Gold futures up 0.43% at $3,397.00
- S&P 500 down 0.29% at 6,449.80
Bitcoin Stats
- BTC Dominance: 59.7%
- Hashrate: 957 EH/s
- Total fees: 2.54 BTC ($299,765)
ETF Flows
Spot BTC ETFs reported daily net flows of -$121.7 million, with cumulative net flows totaling $54.83 billion. Total BTC holdings are approximately 1.3 million.
The Coinbase premium indicates U.S. investors are currently exerting more buying pressure than global counterparts.