Prominent Trader: Bitcoin Remains in a Range-Bound Movement Near the Bear Market Low

Huo Xing Finance reports that on August 2, renowned trader Killa posted that when BTC enters a new monthly cycle, the market has already developed a strong bearish narrative, making a bullish reaction at the beginning of the month more likely. He noted that, based on past price behavior, BTC typically experiences a counter-trend move when entering a new phase amid clear bearish sentiment. This pattern may only break down when a major trend is about to reverse, such as in November last year and in February and June this year. Killa believes BTC is currently still in a range-bound consolidation, nearing the bear market low, presenting two possibilities: either the price makes one final drop below $57,000, or it begins to rebound this month and continues trading within the range. Even if BTC declines further afterward, an initial rise of 2% to 4% at the start of the month better aligns with the current market structure.