cryptopotato.com
- The primary cryptocurrency has been in a free-fall state for the past few days, dropping from $119,000 to a multi-week low of under $112,000 hours ago.
- A popular analyst has highlighted the most significant support zones that could be tested next.
The chart above paints a clear picture. Bitcoin peaked in mid-July after an impressive rally and shot beyond $123,000 to mark its latest record. However, it couldn’t maintain such high levels and started to retrace.
It spent the next ten days or so in a relatively tight range between $117,000 and $120,000 with little to no success during its breakout attempts in either direction.
After a fakeout on July 25, which the bulls managed to defend, the actual breakdown started to take place at the end of the month and as August began. $BTC was rejected at the $119,000 line and pushed south to just under $112,000 yesterday, which became a new three-week low.
Some of the reasons behind this notable nosedive can be found here, which range from macro tension and uncertainty to investors offloading substantial $BTC quantities. Building on the latter, Ali Martinez noted that miners have also been selling lately, dumping more than 3,000 $BTC in just two weeks.
Miners have offloaded over 3,000 Bitcoin $BTC in the past two weeks! pic.twitter.com/enP4JtUyMs
— Ali (@ali_charts) August 2, 2025
Given bitcoin’s crash, which liquidated nearly $1 billion in over-leveraged positions at one point, the analyst also discussed the next key support zones for the asset. They range between $105,000 and $107,000. Later, Martinez reiterated the importance of the $107,100 line as a large accumulation point for $BTC’s future price trajectory.
$107,160 continues to emerge as a crucial support level for Bitcoin $BTC! pic.twitter.com/izOejLbagA
— Ali (@ali_charts) August 2, 2025
So far, the cryptocurrency has remained well above that level as it currently trades above $113,000. However, more volatility is expected on Monday when all financial markets open. Additionally, Trump has a habit of making important announcements that rattle markets on Sundays, so watch out.