Analyst Focus: Bitcoin High-Level Pullback Key Support Level Becomes the Bull-Bear Watershed

On August 6, it was reported that Bitcoin has recently reached a historic high, and the market has experienced a certain degree of pullback. This has also sparked discussions among analysts regarding price support levels and potential shifts in market trends.

CryptoQuant analyst Maartunn observed that after Bitcoin reached a new all-time high, long-term holders (LTH) began to take profits, including the sale of 80,000 BTC from "Satoshi era" wallets. However, he remains optimistic about the market's absorption capacity.

At the same time, although institutional funds, such as the entry of companies like Strategy and Metaplanet, have brought some upward momentum to the market, it is still insufficient to maintain the Bitcoin price at the level of $120,000.

In addition, data shows that short-term holders (STH) sold off over 160,000 Bitcoins at a cumulative loss from mid-July to the end of the month. This relatively prolonged loss-making sell-off, along with an increase in outflows from Bitcoin-related ETFs, has also put some pressure on the market.

Analysis indicates that Bitcoin is currently trying to find support near the historical high of $112,000. On-chain data also shows that there is strong support for Bitcoin in the range of $108,000 to $112,000.

Analysts believe that the current market pullback is within a normal range. However, if Bitcoin falls below $112,000, it could indicate a fundamental shift in market behavior.

At the same time, another institution's analyst Markus Thielen from Matrixport is focusing on the key level of $105,696.

Thielen pointed out that although it is too early to determine whether Bitcoin has prematurely pulled back to the 21-week moving average at this level, this position is an important reference for observing market trends.

He believes that as long as the Bitcoin price can maintain above $105,696, the overall market is biased towards bullish; however, once it falls below, investors need to be alert to the appearance of bear market signals.

Although Bitcoin has experienced a pullback over the past three weeks, overall market sentiment remains optimistic. Thielen predicts that in the short term, some funds may flow back from high-volatility altcoins to Bitcoin, which is expected to provide some support for the overall price.

However, he also reminds investors that it is particularly important to remain cautious and strictly control risk exposure in the current environment.

#链上分析 # Analyst's View