Bitcoin Crashes to $117K – Is This the Start of a Massive Collapse? Double-Top Signal Sparks Panic!

Jakarta, Pintu News – Bitcoin (BTC) remains in a relatively bullish phase after breaking the $123,000 mark. However, in the past week, its movement has tended to stagnate with relatively moderate gains.

This situation is likely to change soon. Analysis from the AMBCrypto website indicates that Bitcoin is preparing to start a new rally, which is expected to peak between late August and early September.

Then, how is the current Bitcoin price movement?

Bitcoin Price Drops 0.57% in 24 Hours

On July 29, 2025, Bitcoin was priced at $117,873, equivalent to IDR 1,930,954,955 — marking a slight 0.57% dip over the past 24 hours. During this time, BTC hit a low of IDR 1,917,271,672 and climbed as high as IDR 1,953,765,473.

According to CoinMarketCap, Bitcoin’s market capitalization now stands at around $2.34 trillion, with trading volume in the last 24 hours up 18% to $65.75 billion.

Read also: The 3 Most Hyped Altcoins for August 2025 – Here’s Why They’re Blowing Up!

Bitcoin’s Rally Could End in September

Based on the MVRV 365-Day Moving Average indicator, Bitcoin is expected to face significant downside potential soon.

This projection refers to the Double-Top Camel pattern, which previously triggered the bear market in 2021. This pattern forms when two price peaks occur within a span of about six months.

At the time of writing, Bitcoin has formed its first peak and is expected to form a second peak around September 10 – which could trigger a domino effect in the market.

CryptoQuant analyst Yonsei Dent also voiced similar concerns, stating that current general market conditions demand caution.

“This timing is very much in line with the broader market narrative, such as expectations of a possible rate cut by the Fed and changes in macro sentiment,” he said.

He also warned that the decline could have started earlier, with the lagging 365DMA MVRV indicator hinting that late August may mark the beginning of the downward trend.

Accumulation Remains Stable Despite Lurking Risks

Although a bearish pattern is starting to form, investors don’t seem to have stopped accumulating.

Read also: 4 Memecoins to Hunt for August 2025, Ready to Jump 100x?

Based on the Realized Price-UTXO Age Band chart, in the past month, BTC buyers from the 1 week-1 month(1W-1M) holding group increased their holdings by 3.6%, while 1 day-1 week(1D-1W) holders grew by 1.4%.

These groups have accumulated BTC in the price range of $115,252 to $117,762, slightly below the current price of $118,786.

This behavior reflects confidence in the potential for a short-term rally, as long-term holders are not panic-selling.

Supporting this view, Bitcoin’s Exchange Reserve recorded a decline in the last 24 hours, down to 2.3 million BTC.

A decrease in the amount of BTC held on exchanges usually indicates that investors are moving their assets to personal wallets for long-term storage, with no intention of selling anytime soon.

However, institutional investors appear to be taking the opposite approach.

Institutional Exposure Starts to Decline

In the last four trading days, institutional investors have been recorded reducing their exposure to Bitcoin, based on BTC ETF spot flow data from CoinGlass.

Between July 21 and 23, the group sold $285.2 million worth of BTC, indicating a shift in sentiment.

However, on July 24 and 25, they bought another $375.5 million worth of BTC-which briefly strengthened the bullish narrative, although it seemed temporary.

However, the two-day buying spree was the lowest in months, signaling waning interest and a possible readiness for the market to enter a reversal phase.

Bitcoin still has the potential to rise in the next few days.

However, the broader data-particularly from MVRV patterns and institutional fund flows-suggests a major downside risk is lurking, so investors are advised to remain cautious.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• AMB Crypto. Bitcoin: Short-term rally, long-term risk? BTC faces double-top warning. Accessed on July 29, 2025