🟥Bitcoin pulled back to levels last seen seven weeks ago, shedding over 10% from its all-time high. According to Glassnode, the decline coincided with rising funding rates and reduced leverage usage in futures markets, suggesting weakening speculative demand. Mass liquidations of long positions totaling around $800 million added further pressure.
🟥Still, open interest in BTC remains near record highs, while the price holds above key support at $97,094, with resistance at $117,058. Analysts note that August and September are typically volatile months, but October and November could mark the beginning of a recovery phase and a new growth cycle.
