Bitcoin’s rollercoaster took a nosedive this week, plunging from a dizzying $119,000 to a stomach-churning sub-$112,000 in mere hours. The crypto king is bleeding.
- A popular analyst has highlighted the most significant support zones that could be tested next.
The Bitcoin chart tells a thrilling tale: a mid-July surge, a rocket shot past $123,000 – etching a new record in the digital stone. But the altitude proved too thin. The king of crypto, unable to sustain its dizzying height, began its inevitable descent.
For nearly two weeks, Bitcoin wrestled within a frustratingly narrow corridor, trapped between $117,000 and $120,000. Like a caged beast, it lunged at the upper and lower boundaries, only to be repeatedly beaten back, its breakout attempts ending in futility.
Bitcoin’s summer slide intensified as August dawned, shattering hopes after a failed rally attempt on July 25th. Bears seized control, pushing BTC past the $119,000 resistance like a hot knife through butter. Yesterday, the digital king slumped to a three-week nadir just shy of $112,000, signaling further potential downside.
The recent Bitcoin plunge? Look beyond the headlines. Macroeconomic jitters and investor exodus certainly play a role. But digging deeper, crypto analyst Ali Martinez points to significant miner activity. They’ve reportedly offloaded over 3,000 BTC in the last fortnight, adding fuel to the fire.
Miners have offloaded over 3,000 Bitcoin $BTC in the past two weeks! pic.twitter.com/enP4JtUyMs
Ali (@ali_charts) August 2, 2025
Bitcoin’s recent plunge triggered a near $1 billion wipeout of over-leveraged bets, leaving investors reeling. Where’s the bottom? One analyst pinpoints critical support levels between $105,000 and $107,000. More specifically, the $107,100 mark is being eyed as a crucial accumulation zone, potentially shaping Bitcoin’s future price surge. Watch this level closely.
$107,160 continues to emerge as a crucial support level for Bitcoin $BTC! pic.twitter.com/izOejLbagA
Ali (@ali_charts) August 2, 2025
Currently hovering above $113,000, the cryptocurrency has defied gravity thus far. Buckle up, though. Monday’s market open promises turbulence. And remember Trump’s penchant for Sunday surprises? Keep a sharp eye – another market-jolting announcement could be incoming.
Thanks for reading BTC Down $10K From ATH – Here Are Bitcoin’s Next Support Zones (Analyst)
