Bitcoin (BTC) has dipped below $115,000 amid a broader market downturn, triggering a wave of analysis about the asset’s short-term path.
According to TradingView analyst Master Ananda, this move signals a typical correction phase rather than a trend reversal.
The asset is down nearly 10% from its mid-July peak and now hovers near previous all-time high levels. Ananda argues that such pullbacks are routine within Bitcoin’s bullish cycles, where surges are often followed by healthy consolidations. He emphasized that the $110,000–$100,000 zone remains crucial for maintaining the broader uptrend.
Support Zones and Price Outlook
Technical analysis places immediate support around $107,000–$110,000, with $100,000 standing out as a key psychological and historical level. Fibonacci retracement zones also reinforce these support areas, with the 0.382 level at $106,000 and the 0.5 level around $102,000.
Market observers warn that a sustained weekly or monthly close below $100,000 could invalidate the current bullish structure. Until then, the correction is seen as a potential base for the next leg up.
Adding pressure to the market, weak U.S. employment data and renewed global trade tensions have created risk-off sentiment across both crypto and equities.
Whale Activity Builds Support
On-chain analyst Ali Martinez highlighted in an August 2 post that over 111,000 BTC were accumulated near $107,160, creating a massive buy zone below current prices. Meanwhile, resistance is forming at $117,400, where 88,000 BTC were previously bought.
This reinforces the $107K area as a key floor, likely to be defended by bulls if prices dip further. The clustering of volume in these zones suggests a brewing battle between buyers and sellers.
Long-Term Holders Signal Confidence
New data shared by the user CryptoUncle0x in CoinMarketCap further reveals that 53% of Bitcoin’s supply is now held by long-term holders—a level historically linked to major supply squeezes and strong bullish recoveries.
The “BTC: Realized Cap HODL Waves” chart shows that this high concentration of dormant coins is comparable to prior market bottoms and bull cycle beginnings. As liquid supply shrinks, upward price pressure tends to build over time.
This long-term accumulation trend suggests that while short-term volatility remains, conviction among seasoned investors is growing. If history repeats, current consolidation could precede another explosive rally.
The information provided in this article is for informational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/market/bitcoin-whales-are-buying-the-dip-will-100k-hold/