Analyst: Bitcoin Pulls Back to Key Support Level, Institutional Buying Becomes Crucial Variable

BlockBeats News, August 3 — CryptoQuant analyst Axel Adler Jr stated that due to multiple macro headwinds—including non-farm payroll data falling short of expectations (73,000 vs. expected 110,000), the Federal Reserve holding rates steady for the fifth consecutive time amid internal divisions, and escalating tariff tensions—the global market has shifted into a “risk-off” mode: the S&P 500 and Nasdaq posted their worst performance since April, U.S. Treasury yields dropped nearly 20 basis points, and gold saw capital inflows.

Bitcoin also came under pressure, quickly pulling back from a high of $119,800 to $112,000. The 30-day momentum fell to +3%, and the ADX dropped to 36, indicating a weakening of short-term bullish momentum. On-chain activity declined, but exchange outflows still suggest ongoing market accumulation.

Despite heightened short-term volatility, the structural bullish outlook remains intact. Strategies and institutions have accumulated over 30,000 BTC in the past week, the options market’s max pain point remains stable at $118,000, and high strike call positions are dominant. The SEC’s launch of the “Crypto Project” is also expected to ease long-term regulatory pressure on the industry.

If Bitcoin holds the $110,000–$113,000 support range and momentum recovers to above 8%–10%, the market could retest the $119,000–$122,000 zone; if it falls below $110,000, a pullback to $105,000–$107,000 is likely. In the coming weeks, the tug-of-war between macro risks and institutional buying will determine the next phase of market direction.