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Bitcoin faces pressure above the $110,000 support level as it edged lower, though analysts navigating the crypto market assess the path forward.
Falling from an intraday high of approximately $118,330, Bitcoin descended to $112,300 by the weekend, marking a bearish start to a historically challenging month for the cryptocurrency.
Bearish Weekend Dip, Analyst Comments
How risk sentiment holds after Friday’s jobs report and new tariffs will be “critical” for Bitcoin, IG Markets analysis principal Tony Sycamore told Cointelegraph.
Cryptocurrency derivatives house IG Markets highlighted that the pullback from the weekend’s all-time high tested the support zone near $112,000, a price point also recognized as a logical pullback target based on the prior record high.
“If risk sentiment stabilizes and Bitcoin remains above the $112,000/$110,000 support, it can retest the record high,” Sycamore stated. “However, significant monthly resistance at $125,000 still lies just above, and I don’t see the catalyst for that to break right now.”
Sycamore noted persistent macroeconomic headwinds, cautioning that further risk aversion could propel Bitcoin lower, revisiting the $100,000 level and even challenging the recent 200-day moving average around the $99,000 mark.
August Traditionally Strains Bitcoin
Historical data from Glassnode confirms a persistent trend: Bitcoin has declined during the month of August for 8 out of the last 12 years, with an average monthly loss over these periods of 11.4%.
In 2024, BITCOIN shed 8.6%, falling to just over $59,000, a relatively moderate loss compared to prior August declines in 2022 ($19,800) and 2023 ($27,300). Based on the long-term moving average loss, a potential August 2025 drop could see Bitcoin reach approximately $105,000.
Seps Order to Be on Guard Too
The reading period is also projected to present challenges for September, mirroring the historical pattern where eight out of twelve Septembers have recorded losses for Bitcoin.
This year marks the continuation of a bullish market cycle, an important aspect for analysts tracking potential upside. This cycle was preceded by a four-year period supporting price appreciation.
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