Bitcoin Price Declines to $115,000 Amid Low-Liquidity Conditions
Bitcoin has entered a market indecision phase after peaking above $123,000 in July. Currently, it is priced at approximately $115,000, down about 3% over the past week.
- The price fell below the $116,000 support zone on July 31, entering a low-liquidity area between $110,000 and $116,000.
- Opportunistic buyers acquired around 120,000 BTC during a bounce between $112,000 and $114,000, but analysts indicate insufficient accumulation for lasting support.
- Short-term holders' profitability decreased from 100% to 70%, with their cost basis around $106,000.
- Over the last 48 hours, large Bitcoin wallets realized profits exceeding $44.5 million, indicating increased sell-side activity.
- The Crypto Fear & Greed Index remains in the "Greed" zone, with some projections suggesting a $250,000 price target for Bitcoin by 2025.
BTC Price Analysis
- Bollinger Bands show tightening volatility; a breakout above $115,750 may lead to resistance at $118,000.
- A rejection at this band could result in downward pressure towards weak support around $112,000.
- The RSI indicates neutral-to-slightly bullish momentum, while the MACD shows potential for a bullish crossover, needing confirmation for upward movement.
BTC price chart with RSI and Bollinger Bands | Source: Trading View
BTC price chart with MACD | Source: Trading View