Bitcoin Price Analysis: BTC Loses Momentum, Slips Below $110,000 Yet Again

Bitcoin (BTC) has registered a surge in selling pressure during the ongoing session, with the price down over 3%, trading around $108,790 after dropping to an intraday low of $108,500. The flagship cryptocurrency failed to cross the $113,000 resistance, with selling pressure dragging it to multi-week ￰0￱ Web Company Acquires 45 BTC The Smarter Web Company announced the purchase of 45 BTC for £201,077,906 at an average price of £82,409 (about $111,071). The latest purchase takes the company’s total Bitcoin holdings to 2,440 ￰1￱ company revealed it has an approximate net cash balance of £600,000 to deploy for further Bitcoin ￰2￱ also cited a year-to-date yield of 56,105% and a 30-day yield of 30% on its ￰3￱ Smarter Web Company began accepting Bitcoin payments in ￰4￱ reiterated that its treasury strategy will continue to prioritize Bitcoin, along with other targeted acquisitions for revenue ￰5￱ (BTC) Could Reach $1.3M By 2035 Bitwise Asset Management has said in its long-term outlook projection that Bitcoin (BTC) could reach $1.3 million per coin by ￰6￱ firm, which manages over $15 billion in assets, called this its base case ￰7￱ projection takes an annualized growth rate of 28.3% from the flagship cryptocurrency’s current ￰8￱ firm also outlined a bull case scenario of $3 million per coin and a bear case of $88,000 per ￰9￱ report identified three key forces behind BTC’s potential ￰10￱ to Bitwise, growing institutional adoption following the approval of spot Bitcoin ETFs is the first driver of the flagship cryptocurrency’s long-term ￰11￱ highlighted the global search for an inflation hedge, as rising US debt levels and the weakening purchasing power of fiat currencies push investors towards risk ￰12￱ highlights Bitcoin’s fixed issuance schedule as the third key factor influencing its ￰13￱ less than 1.1 million coins left and mining rewards reducing, scarcity will continue to tighten and push prices ￰14￱ ETFs A Major Source Of Spot Trading Volume Blockchain analytics firm CryptoQuant has revealed that US spot Bitcoin ETFs are responsible for a substantial chunk of daily spot trading volumes as institutional investors pivot to BTC and other ￰15￱ Moreno, head of research at CryptoQuant, stated, “Bitcoin spot trading volumes through US-based ETFs have become a significant source of investor exposure to Bitcoin.” According to Moreno, US spot Bitcoin ETFs regularly generate between $5 and $10 billion in daily trading volume on active days, indicating growing institutional ￰16￱ from CoinGlass shows that total daily trading volume for the 11 spot Bitcoin ETFs currently sits at $2.77 ￰17￱ Ruck, director at LVRG Research, stated, “US spot Bitcoin ETFs have emerged as a dominant force in crypto markets and demonstrate their pivotal role in price discovery and institutional adoption.” Bitcoin (BTC) Price Analysis Bitcoin (BTC) has registered a substantial drop during the ongoing session, falling to a low of $108,089 as selling pressure ￰18￱ flagship cryptocurrency had rebounded after falling to an intraday low of $108,670 on Tuesday and reached an intraday high of $113,480 on Thursday before losing ￰19￱ has struggled to overcome the resistance around $113,000, with the latest decline coming after it was rejected from that level again.

BTC’s ability or inability to overcome this resistance could dictate its near-term ￰20￱ flagship cryptocurrency’s recovery from a low of $108,670 indicates risk appetite among traders. However, while retail traders are aggressively buying the dip, larger traders are selling their holdings and securing profits or rotating their capital into Ethereum (ETH). Analysts from Glassnode identified a key level for BTC , “Currently, Bitcoin trades beneath the cost basis of both the 1-month ($115.6k) and 3-month ($113.6k) cohorts, leaving these investors under stress.” The $113,000-$113,500 level represents the average purchase price for investors who purchased BTC over the past three ￰21￱ BTC approaches this level, any relief rally could encounter substantial resistance as short-term holders look to break even.

BTC’s recent decline has sent short-term holders (STH) into panic mode, with many selling at a ￰22￱ has impacted the STH market value realized value (MVRV) ratio, which fell to the lower boundary of its Bollinger Band, implying oversold ￰23￱ started the previous weekend in bearish territory, dropping nearly 1% on Friday (August 15) to $117,436. The price registered marginal increases on Saturday and Sunday, settling at $117,488. However, BTC was back in the red on Monday, dropping 1.02% to a low of $114,703 before settling at $116,286. Selling pressure intensified on Tuesday as BTC plunged nearly 3%, slipping below $113,000 and settling at $112,856.

Despite the overwhelming selling pressure, the price returned to positive territory on Wednesday, rising over 1% to reclaim $114,000 and settling at $114,276. Selling pressure returned on Thursday as BTC fell 1.57% and settled at $112,480. Bullish sentiment returned on Friday as BTC rallied, rising nearly 4% to reach an intraday high of $117,416 before settling at $116,908.