Bitcoin drop 5% for August, $110K na key support
Bitcoin drop 5% for di weekend, drop from about $118,330 for Friday to $112,300 for Sunday, mark di start of August sabi say e always dey bearish for di time. Glassnode data talk say Bitcoin don fall for eight of di last 12 August months, average loss na 11.4%. IG Markets analyst Tony Sycamore dey warn say Bitcoin gats hold di $112,000–$110,000 support zone so that e no go dey lose more. If support fail, price fit test di 200-day moving average near $99,355. If nothing positive show, di $125,000 level na strong resistance, just above Bitcoin all-time high wey near $124,000. Traders gats watch US work data and trade tariffs as e dey affect risk mind well well. September sef no too perform historically, e record fall for eight of di last 12 years.
Bearish
Bitcoin drop 5% for early August plus e break important support levels show say bearish pressure still dey run for short term. August don dey historical time for decline, plus weak macro factors like US jobs data and trade tariffs dey reduce risk sentiment and fit cause more down movement go near 200-day moving average wey be about $99,355. If e no fit hold $112,000–$110,000 support zone, losses fit continue go $100,000 level. Long term outlook still dey conditional: if Bitcoin fit stabilize above $110,000, e fit try test im all-time high near $124,000 again. But if no positive catalyst show, e fit keep market for bearish bias.