- The major cryptocurrencies have been in freefall for the past few days, falling from $119,000 to a few weeks low, 112,000 hours ago.
- Popular analysts highlight the most important support zones you can test next.
The chart above draws a clear picture. Bitcoin peaked in mid-July after an impressive rally, marking its latest record at over $123,000. However, it was unable to maintain such a high level and began to retreat.
The next ten days or so were spent in a relatively tough range between $117,000 and $120,000, with little success in breakout attempts in either direction.
After a fake out on July 25th, when the Bulls managed to defend, the actual breakdown began at the end of the month, with August beginning. BTC was rejected on the $119,000 line and was pushed south yesterday to just under $112,000.
Some of the reasons behind this notable nose are here, from macro tension and uncertainty to investors offloading a substantial amount of BTC. Based on the latter, Ali Martinez noted that miners have also recently sold them, dumping more than 3,000 BTC in just two weeks.
Miners have offloaded over 3,000 Bitcoin $BTC in the last two weeks! pic.twitter.com/enp4jtuyms
– Ali (@Ali_Charts) August 2, 2025
Given the Bitcoin crash, which settled a stacked position of nearly $1 billion at one point, analysts also discussed the next major support zone for assets. It ranges from $105,000 to $107,000. Martinez then reiterated the importance of the $107,100 line as a major accumulation point in BTC’s future price trajectory.
$107,160 continues to emerge as a key support level for Bitcoin $BTC! pic.twitter.com/izoejlbaga
– Ali (@Ali_Charts) August 2, 2025
So far, cryptocurrency is now over $113,000, which is well above that level. However, more volatility is expected on Monday when all financial markets are open. Plus, Trump is in the habit of making an important announcement that the rattle market will be on the market on Sunday, so be careful.
