Bitcoin Risks Breakdown as August Weakness Sets In: 10x Research
Bitcoin (BTC) remains locked in a narrow trading band just below $120,000, but its upward momentum is showing signs of fatigue, according to a report from 10x Research. The firm warns that the crypto market may be entering a seasonal consolidation phase, with August historically delivering some of the weakest monthly performance for BTC.
Only three Augusts over the past decade have produced gains, while most others saw declines of 5% to 20%, the report noted.
In addition to seasonal pressures, 10x flagged a slowdown in capital inflows into the Bitcoin network — a trend that has historically driven price gains. Though total cumulative inflows into the network have surpassed $1 trillion, with $206 billion recorded in 2025, the 30-day rolling average recently dipped from $62.4 billion to $59.3 billion.
“This fading momentum, despite substantial institutional inflows, suggests the market may be running out of steam,” said Markus Thielen, co-founder and lead analyst at 10x. “The lack of price upside raises the risk of a deeper pullback.”
The firm sees a potential decline below $117,000, with next support at $112,000 and stronger footing in the $106,000–$110,000 range.
Still, bulls may find encouragement in historical patterns. In previous post-halving bull markets — 2013, 2017, and 2021 — August saw significant gains. Whether 2025 can follow suit remains to be seen.
