All eyes are on Bitcoin right now as it comes into the August monthly close.
BTC/USD must close the week above $114K or a deeper correction is likely.
Bulls are trying to defend the line here at $108K.
But if Bitcoin’s price closes the week in the red, it would mark the third consecutive week of losses and that’s historically triggered further downside price action.
A close below $114K, could trigger a sell-off down to the next support level at around $98K.
It doesn’t have to go all the way down, but we could at least be headed for a 200-day EMA retest at $104K.
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