Bitcoin Breaches Key Support Levels, Eyes $100K as August Losses Mount

Technical signals point to growing bearish momentum for Bitcoin, suggesting the possibility of a decline toward the $100,000 mark.

The world’s largest cryptocurrency by market capitalization, BTC ($108,638.72), dropped 6.5% in August, ending a four-month rally. During the same period, U.S.-listed spot Bitcoin ETFs saw net outflows of $751 million, according to SoSoValue.

Bitcoin’s recent decline has pushed it below several critical support levels, including the Ichimoku cloud, the 50-day and 100-day simple moving averages (SMAs), as well as horizontal support zones defined by the May high of $111,965 and the December high of $109,364 (TradingView data).

Momentum indicators now confirm the shift toward a bearish trend. The Guppy Multiple Moving Average (GMMA) shows the short-term EMA band crossing below the longer-term band, signaling sustained downward pressure. Meanwhile, the weekly MACD histogram has slipped below zero, marking a transition from bullish to bearish momentum.

If selling persists, Bitcoin could test the 200-day SMA at $101,366, with the psychological $100,000 level increasingly in focus.

Bearish Seasonality Adds Pressure

Seasonal trends also weigh on Bitcoin’s outlook. Historically, September has been a weak month, delivering an average return of -3.49% since 2013, with eight of the last twelve Septembers closing lower, according to Coinglass.

For bulls to reverse the negative momentum, reclaiming the $113,510 lower high set on Aug. 28 will be essential. Until then, caution dominates the market as technical and seasonal factors converge toward a potential downside.