Key takeaways:
-
Bitcoin marks its steepest pullback in a month, with the ghost month pattern hinting at additional draw back to $105,000.
-
Onchain knowledge reveals an increase in US and Korean spot demand, pointing to a short-term restoration.
Bitcoin (BTC) noticed a pointy correction on Thursday, slipping beneath $117,000 on Aug. 14, marking its steepest pullback in a month. The each day chart flashed a bearish engulfing sample for the primary time since July 15, elevating issues that seasonal weak point throughout Asia’s “ghost month” might lengthen the downturn.
Despite the dip, onchain knowledge level to resilient dip-buying exercise. The Coinbase Premium Index climbed to a month-to-month excessive yesterday, signaling robust US spot demand. In Asia, the Kimchi Premium Index turned optimistic, indicating renewed Korean shopping for strain.
Crypto dealer Hansolar summed up the sentiment and stated collective purchase bids had been unfold throughout Coinbase, Bitfinex, and the South Korean market.
The bullish undertone is additional supported by stablecoin flows. According to crypto analyst Maartunn, USDC inflows to exchanges surged to $3.88 billion for the reason that value dip, suggesting merchants are gearing as much as deploy capital.
Data additionally signifies that capitulation indicators had been muted. Just 16,800 BTC had been moved to exchanges at a loss by short-term holders (STHs), effectively beneath volumes seen in previous sell-offs. For context, beforehand, when Bitcoin dipped greater than 5%, over 48,000 BTC had been bought at a loss by STHs.
📊MARKET UPDATE: #Bitcoin slipped 5% on Aug. 14, however capitulation indicators had been muted with simply 16.8K $BTC moved to exchanges at a loss from Short-Term Holders, far lower than in previous drawdowns.
Blue arrow pattern reveals shrinking STH promote strain. 👍 pic.twitter.com/sVUvRSVXj5
— Cointelegraph Markets & Research (@CointelegraphMT) August 15, 2025
Related: Analysts see Bitcoin purchaser exhaustion as retail shifts to altcoins
Can ‘ghost month’ lengthen BTC’s correction interval?
Anonymous analyst Exitpump notes that Bitcoin might discover help between $116,000 and $117,000, the place each spot and futures shopping for curiosity is displaying up within the order books.
While this might result in swift restoration, a recurring seasonal sample tied to Asia’s “ghost month” has usually coincided with sharp pullbacks.
This 12 months’s ghost month runs from Aug. 23 to Sept. 21. In the Chinese lunar calendar, it marks the seventh month of the 12 months, a interval usually related to dangerous luck in Asian tradition. While the phenomenon doesn’t immediately affect markets, its psychological impact on merchants could be important, influencing danger urge for food and profit-taking habits.
Historically, Bitcoin has proven an inclination to unload throughout ghost month. Since 2017, BTC’s common peak decline on this interval has been roughly 21.7%, with notable drops comparable to -39.8% in 2017 and -23% in 2021.
With Bitcoin at present hovering close to $117,320, a drawdown in keeping with the historic common might drag costs into the $105,000–$100,000 vary earlier than any significant rebound. This aligns with key technical help zones, the place long-term patrons might look to step in.
While some years have ended ghost month with optimistic ROI, the recurring mid-period volatility means merchants ought to stay cautious. Any deeper correction into late August might set the stage for a stronger restoration in This fall, after testing the resolve of short-term bulls.
Related: BlackRock Bitcoin, Ether ETFs purchase $1B as BTC value principally fills CME hole
This article doesn’t comprise funding recommendation or suggestions. Every funding and buying and selling transfer includes danger, and readers ought to conduct their very own analysis when making a call.
