Bitcoin Remains Above $110K Amid 4% Monthly Decline
As August ends, Bitcoin is down 4% for the month and 12% from its all-time high of $124,500, currently priced around $110,580. Ether is up 3.4%. The CoinDesk 20 index increased by 2.7% in the same period.
Key observations include:
- August may end a four-month bullish streak.
- On-chain data shows support at the Short-Term Holder Realized Price (STH-RP) of $108,800.
- The Short-Term Holder Spent Output Profit Ratio (STH-SOPR) indicates short-term investors are selling at a loss, often seen near market bottoms.
- The options market has a “max pain” level at $116,000, suggesting potential upside relief.
- Traders should monitor the range between $113,500 to $117,200 due to an open CME futures gap.
Upcoming Events
- Mantle Network (MNT) mainnet upgrade on Aug. 27.
- U.S. GDP data release on Aug. 28 with core PCE prices expected at 2.6%.
- Monthly unemployment rate releases from Mexico, Uruguay, and Colombia on Aug. 28 and 29.
Market Movements
Derivative Insights
- Bitcoin open interest is at $30.3 billion, decreasing as traders exit leveraged positions.
- Funding rates across major perpetual swap venues are around 8%-10% annualized.
- Recent liquidations amount to $266 million, with shorts dominating.
Bitcoin Statistics
- BTC Dominance: 58.03%
- Total BTC holdings in ETFs: ~1.29 million
- Hashrate: 960 EH/s
In summary, while Bitcoin faces a modest pullback, there are indications for potential support and recovery as trading activity is expected to increase after the summer season.