Bitcoin Faces Seasonal Slowdown, Eyes Support at $112K: 10x Research

Bitcoin (BTC) continues to hover just below the $120,000 mark, but its recent momentum appears to be fading as August — historically the weakest month for the cryptocurrency — kicks off, according to a report from 10x Research.

The report highlights that August has delivered negative returns in seven of the past ten years, often ranging between 5% and 20% declines. While BTC has attracted over $1 trillion in cumulative inflows to date — including $206 billion so far in 2025 — capital flows are beginning to slow.

10x noted that the 30-day rolling average of inflows fell from $62.4 billion to $59.3 billion, suggesting a potential cooling in demand. Previous peaks in this metric during Q1 and Q4 of 2024 also preceded periods of price consolidation.

“Time is running short, and despite large-scale inflows from corporate treasuries, the price reaction has been underwhelming,” wrote Markus Thielen, co-founder and head of research at 10x. “Even with continued support, the market may not deliver the kind of breakout some investors expect.”

The firm sees a potential breakdown below $117,000, with key support levels at $112,000 and a lower range between $106,000 and $110,000.

Still, bulls may find some hope in historical parallels. August was one of the strongest months during previous post-halving years in 2013, 2017, and 2021 — and 2025 could yet follow a similar path.