Bitcoin Price Analysis: BTC Sinks Deeper Into Bearish Territory As Price Falls Below $113,000
Bitcoin’s (BTC) decline deepened as the flagship cryptocurrency fell to a low of $112,792 on Friday. The decline comes amid a confluence of bearish political and macroeconomic developments, including a poor US jobs report, sweeping trade tariffs on key partners, and renewed tensions with Russia.
BTC is marginally up during the ongoing session, having reclaimed $113,000 and moving to $113,796.
Bitcoin (BTC) Sinks As Crypto Liquidations Hit $900 Million
Bitcoin (BTC) and other top cryptocurrencies plunged into the red, registering substantial declines on Thursday and Friday. The flagship cryptocurrency nosedived, falling to an intraday low of $112,792 before registering a marginal recovery and reclaiming $113,000. The slump triggered over $900 million in liquidations as global macroeconomic uncertainty and a poor US jobs report adversely impacted market sentiment. BTC, which traded between $116,000 and $120,000, has fallen nearly 6% from its recent peak.
According to data from CoinGlass, approximately $905 million in positions were liquidated over the past 24 hours, with $823 million accounting for long positions, indicating that investors bet on a further price increase. Several economic and political factors are responsible for the downturn, including a poor jobs report. The US Labor Department released a new job report that failed to live up to expectations. Expectations were so underwhelmed that US President Donald Trump fired the official responsible for publishing the report.
The White House also levied a new wave of sweeping tariffs on trading partners, spooking traditional and cryptocurrency markets. Trump also announced that he was ordering multiple nuclear submarines to approach Russian waters in response to threats made by a Russian official earlier in the week.
Analysts believe BTC will continue dropping in August and September, potentially falling below $100,000 before surging back in Q4.
Marti Technologies Kicks Off Bitcoin Treasury Strategy
Marti Technologies has announced it will begin holding Bitcoin as part of a new corporate strategy. The company will initially allocate 20% of its cash reserves to Bitcoin and could expand it to 50% to include other assets, such as Ethereum (ETH) and Solana (SOL). The assets will be stored with an institutional-grade custodian that adheres to relevant laws and industry standards. Marti Technologies CEO Oguz Alper Oktem stated that the strategy indicates a long-term belief in Bitcoin’s value as a store of value and hedge against inflation.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) slumped further into bearish territory on Friday as it fell to a low of $112,792. The flagship cryptocurrency is going through a period of heightened volatility and uncertainty as it struggles to build upward momentum. BTC was trading in a narrow range from $116,000 to $120,000, as it struggled to push above $120,000. Despite this, it held above $118,000 before bearish sentiment intensified on Thursday. BTC remains under pressure, with recent price action suggesting a shift in investor sentiment and long-term investor behavior. According to analysts, derivatives activity is playing a substantial role in current price fluctuations. Market analytics platform CryptoQuant stated that sudden changes in leveraged positions and substantial selling pressure on major centralized exchanges are contributing to the ongoing volatility and bearish sentiment.
Market analytics firm Swissblock said that the flagship cryptocurrency’s push to $120,000 stalled, resembling a “failed breakout zone.” The firm called the pullback a pause rather than a breakdown, stating,
“Profit-taking is rising—but not as intense as late 2024,” the firm wrote, adding that the effect through July was “enough to cap upside and trigger consolidation. The tone is cooling, not capitulatory. Selling pressure is visible, but not extreme—think cooling, not capitulation.”
BTC hit a key trend line support on the daily chart. The next few days will be crucial in determining if the price breaks below this level or bounces strongly off it.
BTC started the previous week in positive territory, reaching an intraday high of 119,603 before settling at 117,402. Bullish sentiment intensified on Tuesday as the price rose over 2% to cross $119,000 and settle at $119,982. BTC lost momentum on Wednesday, dropping to a low of $117,321 before settling at $118,798, ultimately falling 0.99%. Sellers retained control on Thursday as the price registered a marginal decline and settled at $118,381. Selling pressure intensified on Friday as BTC plunged to an intraday low of $114,779. However, it rebounded from this level to reclaim $117,000 and settle at $117,565.
Source: TradingView
Price action remained positive over the weekend as BTC rose 0.24% on Saturday and 1.31% on Sunday to reclaim $119,000 and settle at $119,398. The price was back in the red on Monday, dropping 1.11% to $118,069. Sellers retained control on Tuesday as BTC registered a marginal decline before dropping to a low of $115,772 on Wednesday. It rebounded from this level to settle at $117,788, ultimately registering a marginal decline. Selling pressure intensified on Thursday as BTC fell nearly 2% to $115,800. The flagship cryptocurrency fell to an intraday low of $112,793, slipping below a key support level. It rebounded to reclaim $113,000 and settle at $113,365, ultimately dropping over 2%. The current session sees BTC marginally up, trading around $113,733.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Investment Disclaimer
