Bitcoin Price Falls to $107,500 Amid Market Bearish Sentiment

Bitcoin experienced a mixed performance in August, peaking above $124,000 but falling to around $107,500 by August 29, marking a six-week low. The price has struggled to maintain momentum and has not broken the psychological $110,000 barrier.

Key Support Levels for Bitcoin

Heavy profit-taking by whales contributed to the recent decline.
The Short-Term Holder (STH) Realized Price serves as the first support level, representing the average acquisition price for investors holding BTC for 1 to 3 months.
The STH Realized Price is currently being tested, indicating a crucial point for Bitcoin's stability.
The Realized Value Model’s Mid Price is identified as the ultimate support level at approximately $92,000, which could provide relief if short-term supports fail.
If the $92,000 support is breached, further corrective phases may ensue.

Current Status

As of now, Bitcoin is priced at approximately $108,689, reflecting a nearly 6% decline over the past week without significant movement in the last 24 hours.