Overview

• Bitcoin has retraced about 8.9% from its mid-July record high near $123,000 to trade around $113,000, testing a key support zone established by the previous all-time high.
• The 20-day moving average at roughly $117,000 stands as the next major resistance whose breach could signal a renewed upward trend.
• On-chain data shows wallets holding more than 1,000 BTC have accumulated over 45,000 BTC in the past two weeks, reinforcing the $113,000 support level.
• Technical indicators such as the MACD line remaining below its signal line underscore sustained bearish momentum in the absence of fresh market drivers.
• U.S. policy developments—including new tariffs and weaker-than-expected jobs data—have contributed to recent selling pressure even as longer-term halving-driven accumulation continues.