On August 2, Bitcoin’s price fell below $115,000, entering a correction phase. Analyst Master Ananda perceived this nearly 10% decline from its recent peak as part of a normal cycle. Currently trading above the $113,500 threshold, Bitcoin 
$78,526 seems to be repeating a consolidation pattern that has historically led to record highs. According to Ananda, as long as critical support levels are maintained, the bullish narrative remains intact.
Crucial Support Line and Buying Wall for Bitcoin
Master Ananda expects Bitcoin’s decline to halt within the $110,000 to $100,000 range, highlighting $100,000 as both a technical and psychological support. The analyst noted that $106,000, corresponding to the Fibonacci 0.382 level, and $102,000, matching the 0.5 level, emerge as interim support points.
Ali Martinez, leveraging Glassnode data, shares the view that the cluster of 111,000 BTC at $107,160 will alleviate seller pressure.
Analysts agree that the long-term uptrend remains, provided the weekly closure does not dip below $100,000. Historically, such pullbacks settle into a lateral movement over several weeks, eventually leading to new peaks.
$117,400: A Key Threshold for Upswing
The decline in Bitcoin’s price was spurred by weak U.S. employment data and the uncertainty prompted by new tariff implementations. With a decrease in risk appetite causing stock market dips, short-term profit-taking increased. In this respect, the resistance level at $117,400, where 88,000 BTC are priced, serves as a crucial reference point for any potential recovery.
Analysts do not anticipate widespread panic selling as long as the price does not fall below $110,000. With a reduction in miner sales and an increase in long-term wallet numbers, surpassing $115,000 once again could pave the way for new highs.
