Key takeaways:
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Bitcoin marks its steepest pullback in a month, with the ghost month development hinting at additional draw back to $105,000.
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Onchain information exhibits an increase in US and Korean spot demand, pointing to a short-term restoration.
Bitcoin (BTC) noticed a pointy correction on Thursday, slipping under $117,000 on Aug. 14, marking its steepest pullback in a month. The every day chart flashed a bearish engulfing sample for the primary time since July 15, elevating considerations that seasonal weak point throughout Asia’s “ghost month” may prolong the downturn.
Regardless of the dip, onchain information 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 constructive, indicating renewed Korean shopping for strain.
Crypto dealer Hansolar summed up the sentiment and mentioned collective purchase bids have been unfold throughout Coinbase, Bitfinex, and the South Korean market.
The bullish undertone is additional supported by stablecoin flows. In accordance with crypto analyst Maartunn, USDC inflows to exchanges surged to $3.88 billion for the reason that worth dip, suggesting merchants are gearing as much as deploy capital.
Knowledge additionally signifies that capitulation indicators have been muted. Simply 16,800 BTC have been moved to exchanges at a loss by short-term holders (STHs), effectively under volumes seen in previous sell-offs. For context, beforehand, when Bitcoin dipped greater than 5%, over 48,000 BTC have been bought at a loss by STHs.
📊MARKET UPDATE: #Bitcoin slipped 5% on Aug. 14, however capitulation indicators have been muted with simply 16.8K $BTC moved to exchanges at a loss from Quick-Time period Holders, far lower than in previous drawdowns.
Blue arrow development exhibits shrinking STH promote strain. 👍 pic.twitter.com/sVUvRSVXj5
— Cointelegraph Markets & Analysis (@CointelegraphMT) August 15, 2025
Associated: Analysts see Bitcoin purchaser exhaustion as retail shifts to altcoins
Can ‘ghost month’ prolong BTC’s correction interval?
Nameless analyst Exitpump notes that Bitcoin may discover help between $116,000 and $117,000, the place each spot and futures shopping for curiosity is exhibiting up within the order books.
Whereas this might result in swift restoration, a recurring seasonal sample tied to Asia’s “ghost month” has typically coincided with sharp pullbacks.
This 12 months’s ghost month runs from Aug. 23 to Sept. 21. Within the Chinese language lunar calendar, it marks the seventh month of the 12 months, a interval typically related to dangerous luck in Asian tradition. Whereas the phenomenon doesn’t straight impression markets, its psychological impact on merchants may be vital, influencing threat urge for food and profit-taking habits.
Traditionally, Bitcoin has proven a bent 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 the moment hovering close to $117,320, a drawdown in keeping with the historic common may 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.
Whereas some years have ended ghost month with constructive ROI, the recurring mid-period volatility means merchants ought to stay cautious. Any deeper correction into late August may set the stage for a stronger restoration in This fall, after testing the resolve of short-term bulls.
Associated: BlackRock Bitcoin, Ether ETFs purchase $1B as BTC worth principally fills CME hole
This text doesn’t include funding recommendation or suggestions. Each funding and buying and selling transfer entails threat, and readers ought to conduct their very own analysis when making a choice.
