BiyaPay Analyst: Bitcoin Pullback Initiates August Market, Selling Pressure Unresolved, Direction Uncertain, Near-Term Facing Key Inflection Point
BlockBeats News, August 1st, according to BiyaPay analysts, at the beginning of August, the cryptocurrency market saw an initial pullback. BTC/USDT is currently priced at $115,547.97, with a 24-hour decline of -2.4%. In the short term, it is still fluctuating in the $114,000–$118,000 range, with the moving average system sticking together, and the market facing a directional decision.
Of note, early last weekend, a large hodler sold over 80,000 BTC (approximately $9.6 billion) through Galaxy Digital OTC transactions, exerting significant selling pressure on the market. Nevertheless, BTC quickly stabilized near $119,000, demonstrating the market's strong liquidity absorption capacity.
BiyaPay Analyst Insights:
· Currently, BTC is still in a consolidation phase since the end of June, with $115,000 as a key support level;
· The resistance above is in the $118,200–$120,000 range, and a breakthrough is expected to challenge the previous high;
· If it falls below $114,000, it may test the support zone of $111,000–$112,500;
· From an on-chain perspective, 97% of circulating BTC is in a profitable state, with unrealized profits amounting to $1.4 trillion, indicating lingering profit-taking pressure;
· Long-term holders still control 53% of the supply, so in the event of another large-scale sell-off, new capital inflows will be needed to absorb it;
· The market structure is robust, and short-term trends may be driven by macro sentiment (such as tariff policies, U.S. stock volatility). Investors are advised to closely monitor breakout signals.
BiyaPay analysts stated that through BiyaPay, users can trade BTC, ETH, and other mainstream coins as well as U.S. and Hong Kong stocks in real time using USDT, without the need to open an offshore account, enabling easy participation in global market opportunities.
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