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Analyst: Bitcoin Support Located in $109,600 to $106,800 High Demand Zone

By: theblockbeats.news|2025/08/20 06:50:48

BlockBeats News, August 20th, CryptoQuant analyst Axel posted on social media, stating that this pullback is relatively mild, with Bitcoin only dropping 8% from its local high. The mid-term support is located at the 111-day moving average ($109,600) and the short-term holder realized price ($106,800). This area forms a dense demand zone, and it is expected that this zone will see stabilization attempts and a rebound.

Analysis: The U.S. Treasury is set to withdraw $500-600 billion in cash from the market over the next two months, potentially leading to increased market illiquidity.

Matrixport: Current Crypto Concept Stock Institutional Participation is Insufficient, Stock Price May Further Consolidate in the Short Term