As the first week of August begins, Bitcoin (BTC) has reached another critical turning point. Although it rebounded from its three-week low last week, the market remains in a state of tension while seeking direction. Traders agree that despite short-term price recovery, more intense volatility is expected this month.
This week, Bitcoin's price plummeted below $111,000 (approximately 154.29 million won) before rebounding and testing a new support line. According to market data platforms CoinTelegraph Market Pro and TradingView, the current price is approaching the $115,000 (approximately 159.85 million won) level, with analysts viewing this as Bitcoin's new "price magnet".
This trend is closely intertwined with macroeconomic variables, unlike in the past. Particularly with the possibility of the Federal Reserve's September rate cut resurfacing, the market is focusing on potential monetary policy changes. As market uncertainty heightens, large-scale selling occurred among Bitcoin holders last week, with even whale investors liquidating some positions to prepare for risks.
However, demand remains strong. With continued inflows from institutional and retail investors, the price is finding support despite short-term overselling. An on-chain analyst emphasized, "More important than short-term selling is the robust demand base that still favors Bitcoin," suggesting this point could be a springboard for future rebounds.
Political factors, such as Trump's pro-cryptocurrency statements, are also somewhat reinforcing market sentiment. As politicians seek to secure Bitcoin's core support base ahead of the upcoming election, these statements are acting as short-term positive catalysts in the market.
Ultimately, investors are focusing on how to capture the anticipated price volatility and opportunities within August. With a complex interplay of macroeconomic risks, political variables, and strong demand, Bitcoin appears to be preparing to enter a new phase.
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