Bitcoin finds itself in a precarious position as it struggles to regain its footing following a recent price dip. As of August 19, 2025, the cryptocurrency giant has slipped below a bullish trendline established in April, with prices hovering around $115,205.89. Despite this, there’s a glimmer of hope as bargain hunters appear to be stepping in, according to Glassnode’s latest data.
New Demand in a Pressurized Market
In the past five days, Glassnode’s Supply by Investor Behavior metric revealed a 1% increase in Bitcoin held by first-time buyers, now totaling 4.93 million BTC. Conviction buyers, those with a strong intent to hold, have bolstered their holdings by 10% to 1.03 million BTC. This influx suggests a renewed interest, albeit cautious, amid the prevailing downward pressure.
However, it’s not all rosy. The spike in “Loss Sellers”—investors selling at a loss—increased by 37.8% to 87,000 BTC, indicating intensified short-term selling pressure. CryptoQuant notes that these sellers are primarily short-term holders. If the market can absorb these sales swiftly, it might catalyze a recovery similar to past rebounds. But if absorption fails, it could point to a deeper momentum breakdown, as discussed in Bitcoin ‘ugly daily candle’ may signal drop below $117K: Trader.
Ethereum Tests Key Levels
On the Ethereum front, the second-largest cryptocurrency by market cap is grappling with its own challenges. Prices have fallen to $4,305.90, retreating from a peak, and are now eyeing a critical support level at $4,100. “Ethereum rolled back to $4,200, losing more than 12% from its peak,” said Alex Kuptsikevich, chief market analyst at FxPro. “The ability to stay above this level will indicate a change in the market regime for this cryptocurrency.”
The broader crypto market, much like the Nasdaq’s market breadth, shows signs of interim weakness amid an ongoing bull run. Observers note that Bitcoin, Ether, and Solana have all recently entered oversold territory on the Relative Strength Index (RSI), suggesting potential buying opportunities despite the caution warranted by the current conditions. This sentiment echoes the concerns highlighted in Bitcoin $115K Bets in Demand as Downside Fear Grips Market Ahead of U.S. CPI Report.
Upcoming Events and Market Movements
The coming days could prove pivotal for the crypto market. August 20 and 21 bring a slew of events, including mainnet upgrades for Hedera (HBAR) and Viction (VIC), and Qubic’s first halving event. These developments could influence market dynamics as investors weigh the potential impact on network performance and token supply.
Meanwhile, Bitcoin’s dominance has edged up to 59.7%, and the ether-bitcoin ratio has dipped slightly. Solana’s DeFi Total Value Locked (TVL) rose significantly last quarter, underscoring its growing influence in decentralized finance, even as spot DEX volumes and stablecoin supplies face declines.
Uncertain Terrain Ahead
As Bitcoin and Ethereum navigate these turbulent waters, the market remains on edge. Will the surge in new demand provide the buoyancy needed for a rebound, or do the increased selling pressures foreshadow a more prolonged downturn? While the jury’s still out, one thing is clear: the crypto landscape is as dynamic—and unpredictable—as ever, leaving traders and analysts alike to ponder the road ahead.
Source
This article is based on: Bargain Hunters Emerge as Bitcoin Remains Under Pressure: Crypto Daybook Americas
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
