For now, it's little changed around $110,580, up less than 0.5% over 24 hours while ether (ETH) has added 3.4%. The CoinDesk 20 index, a measure of the broader market, rose 2.7% in the same period.
A negative end to August would halt a streak of four consecutive green months, the longest run since March last year. Encouragingly, August has held up better than in the past three years, and September should bring a pickup in trading activity as the holiday season winds down.
On-chain data shows bitcoin traders used the Short-Term Holder Realized Price (STH-RP), currently $108,800, as support. This metric tracks the average acquisition price of coins moved on-chain in the past 155 days and excludes exchange reserves. In bull markets, the STH RP often acts as a key support level.
The Short-Term Holder Spent Output Profit Ratio (STH-SOPR), which measures profits or losses on coins younger than 155 days, indicates that short-term investors are currently selling at a loss. Historically, this behavior tends to appear near local market bottoms. But capitulation has yet to be seen.
Meanwhile, the options market points to a “max pain” level at $116,000. Max pain is the strike price at which the largest number of options expire worthless, generally causing the greatest financial pain to option holders and greatest benefit to options sellers. With this level above the spot price, it suggests upside relief could be on the horizon.
Beyond crypto, U.S. trade tensions escalated again as Washington imposed 50% tariffs on India, doubling earlier duties after talks broke down. The move, aimed at curbing India’s purchases of Russian oil, highlights strained ties between President Donald Trump and Indian Prime Minister Narendra Modi. Analysts warn of falling exports, job losses and a potential 1% drag on GDP growth.
For bitcoin traders, the key range to watch is $113,500 to $117,200, where the CME futures gap remains open. Historically, such gaps tend to be filled, making this zone one to monitor closely. Stay alert.
