Bitcoin’s Wild Ride: Could $100K Be the New Floor? 🎢

by

Markets

  • Bitcoin has fallen through key support levels, hinting at a potential tumble to $100,000. 😬
  • Technical indicators are waving red flags like a traffic cop on espresso. 🚦
  • August wasn’t kind-Bitcoin dropped 6.5%, ending a four-month winning streak as ETFs hemorrhaged $751 million. 💸
BTCBTC$107,552.60◢1.55%

This is a daily analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole, brought to you with a sprinkle of sarcasm and a dash of emojis. 🧮

Bitcoin, that capricious digital darling, has decided it no longer likes its cozy perch above key support levels. Instead, it’s flirting dangerously close to $100,000-a level that sounds impressive until you remember it’s down from its former stratospheric highs. 📉

Let’s not sugarcoat this: August was brutal. Bitcoin fell 6.5%, snapping a four-month winning streak faster than you can say “crypto winter.” U.S.-listed spot exchange-traded funds (ETFs) bled $751 million, which sounds less like an investment strategy and more like a plot twist in a horror movie. 🩸

The price drop wasn’t just a casual stumble-it was a full-on pratfall. Bitcoin tripped over several key support levels, including the Ichimoku cloud ☁️ (whatever that is), the 50-day and 100-day simple moving averages, and horizontal support zones formed by May and December highs. If Bitcoin were a person, it would be flat on its back, staring at the ceiling in disbelief. 😵

These breakdowns scream “market weakness” louder than a toddler denied ice cream. The Guppy Multiple Moving Average (GMMA) and MACD histogram have confirmed what we all feared: things are looking bearish. 🐻

The GMMA’s short-term EMA band crossed below the long-term band, which is about as ominous as crossing the streams in *Ghostbusters*. Meanwhile, the weekly MACD histogram dropped below zero, signaling a shift from bullish to bearish faster than a chameleon changes colors. 🌈

All signs point to a sustained sell-off, potentially dragging prices down to the 200-day SMA at $101,366-or worse, the dreaded $100,000 mark. And if history is any guide, September isn’t exactly Bitcoin’s favorite month. Since 2013, BTC has delivered an average return of -3.49% in September, closing lower eight out of the past 12 times. It’s like the crypto world’s version of Friday the 13th. 📅

For the optimists (or masochists) among us, breaking above the lower high of $113,510 set on Aug. 28 is crucial to reversing this gloomy narrative. But let’s face it-that might be easier said than done. 🤞

  • Support: $105,240 (the 38.2% Fib retracement of the April-August rally), $101,366 (the 200-day SMA), $100,000. Let’s hope it doesn’t go there. 🙏
  • Resistance: $110,756 (the lower end of the Ichimoku cloud), $113,510 (the lower high), $115,938 (the 50-day SMA). Good luck with that. 🍀

Read More

2025-09-01 07:03