Bitcoin Faces Critical August Monthly Close
Bitcoin must close August strong or risk a deeper correction as bulls fight to defend key support levels.
- Bitcoin needs a monthly close above $114K to avoid a sell-off
- A third red week could trigger more downside
- Key support levels at $108K, $104K, and $98K
As August draws to a close, all eyes are on Bitcoin’s price action. After a turbulent few weeks, the market is watching closely to see if BTC can end the month on a strong note—or whether a deeper correction is about to unfold.
The spotlight is firmly on the $114,000 level. If Bitcoin can’t close the week above this key resistance, history suggests a further drop may be on the cards. The crypto has already logged two consecutive red weeks. A third would significantly raise the chances of more downside movement.
Key Support Levels in Focus
Currently, Bitcoin bulls are attempting to hold the line at $108,000, a crucial level that could determine short-term sentiment. A weekly close below $114K not only signals continued weakness but could also open the doors to a more significant correction.
The next immediate support is around $104,000, which aligns with the 200-day Exponential Moving Average (EMA)—a level often seen as a long-term trend indicator. If that doesn’t hold, the market might test $98,000, a price zone with historical buying interest.
However, not all hope is lost. The price doesn’t necessarily have to tumble all the way down. If bulls manage to reclaim momentum quickly, we could see a bounce before reaching the lower levels.
Why This Close Matters
Monthly closes carry weight in the crypto market, especially for institutional traders who rely on higher timeframe signals. A weak monthly close adds pressure on buyers and fuels bearish narratives, while a strong close often brings renewed confidence and inflows.
Bitcoin’s August close could set the tone for September and beyond. Whether the bulls can defend critical levels or not will determine if the market sees a recovery—or a deeper dip.
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