PANews reported on August 6 that according to Matrixport analyst Markus Thielen, it is still too early to say whether Bitcoin will fall back to the 21-week moving average of $105,696 at this stage, but this level is an important trend reference.

If the price remains above this level, the overall bullish trend is strong; if it falls below this level, be wary of bearish signals. Bitcoin has experienced a correction over the past three weeks, despite remaining positive market sentiment. In the short term, funds may flow back from highly volatile altcoins into Bitcoin, providing support for the price, but investors should remain cautious and limit their risk exposure.