On August 1st, according to BiyaPay analysts, the crypto market experienced an initial pullback at the beginning of August. BTC/USDT is currently quoted at $115,547.97, with a 24-hour decline of -2.4%. It remains oscillating in the short term within the 114,000–118,000 dollar range, with moving average systems converging, facing a directional choice.
Notably, in the early weekend, large investors sold over 80,000 BTC (approximately $9.6 billion) through Galaxy Digital's over-the-counter trading, creating significant selling pressure on the market. Despite this, BTC quickly stabilized around $119,000, demonstrating the market's strong liquidity absorption capacity.
BiyaPay Analyst Perspectives:
·Currently, BTC remains in the oscillation center since late June, with $115,000 as a key support level;
·Resistance is located in the 118,200–120,000 dollar range, with potential to challenge previous highs if broken;
·If it falls below $114,000, it may test the support band of 111,000–112,500 dollars;
·On-chain data shows 97% of circulating BTC is in a profitable state, with unrealized profit scale reaching $1.4 trillion, potential profit-taking pressure still exists;
·Long-term holders still control 53% of supply, and new funds would be needed to absorb any massive selling pressure;
·Market structure remains robust, with short-term trends potentially driven by macro sentiment (such as tariff policies, US stock volatility), recommending investors closely monitor breakthrough signals.
BiyaPay analysts state that through BiyaPay, users can trade mainstream cryptocurrencies like BTC, ETH, and US/Hong Kong stocks in real-time using USDT, without needing to open offshore accounts, easily participating in new global market opportunities.
