Bitcoin Faces Risk of Falling to $100,000 After 6.5% August Drop

Daily Analysis Summary by CoinDesk Analyst Omkar Godbole

Bitcoin (BTC) has broken critical support levels, indicating a bearish trend that may lead to a decline toward $100,000. Key points include:

BTC fell 6.5% in August, ending a four-month winning streak.
U.S.-listed spot ETFs lost $751 million in the same period.
Price breached the Ichimoku cloud and the 50-day and 100-day SMAs.
Horizontal support zones at $111,965 and $109,364 were also penetrated.
Indicators such as the Guppy Multiple Moving Average (GMMA) and MACD histogram show increasing bearish momentum.
The short-term EMA of the GMMA crossed below the long-term band, signaling a bearish shift.
Weekly MACD histogram is below zero, confirming a trend reversal.
Potential price targets for a sell-off include the 200-day SMA at $101,366 and $100,000.
Historically, September has been a bearish month for BTC with an average return of -3.49% since 2013.
To reverse the bearish outlook, BTC must surpass the lower high of $113,510 set on Aug. 28.

Support levels: $105,240, $101,366, $100,000

Resistance levels: $110,756, $113,510, $115,938