August 15, 2025
5 min read
Biraajmaan Tamuly
Bitcoin Traders Absorb Dips Amid Ghost Month Concerns; Deeper Pullback Possible
Bitcoin experienced its steepest pullback in a month, dipping below $117,000 on August 14, 2025. The daily chart showed a bearish engulfing pattern for the first time since mid-July, raising concerns that seasonal weakness during Asia’s "ghost month" could extend the downturn. Despite the dip, onchain data points to resilient dip-buying activity. The Coinbase Premium Index climbed to a monthly high, signaling strong US spot demand. Meanwhile, the Kimchi Premium Index in Asia turned positive, indicating renewed buying pressure from Korean traders. Crypto trader Hansolar summarized the sentiment, noting that buy bids were spread across Coinbase, Bitfinex, and the South Korean market. The bullish undertone is further supported by stablecoin flows. Crypto analyst Maartunn reported that USDC inflows to exchanges surged to $3.88 billion since the price dip, suggesting traders are preparing to deploy capital. Data also indicates muted capitulation signs. Only 16,800 BTC were moved to exchanges at a loss by short-term holders (STHs), far below volumes seen in previous sell-offs. For context, past dips over 5% saw more than 48,000 BTC sold at a loss by STHs. Market update: Bitcoin slipped 5% on August 14, but capitulation signs were muted with just 16.8K BTC moved to exchanges at a loss from short-term holders, far less than in past drawdowns.Can ‘Ghost Month’ Extend BTC’s Correction Period?
An anonymous analyst, Exitpump, noted that Bitcoin could find support between $116,000 and $117,000, where spot and futures buying interest appears in order books. While this could lead to a swift recovery, a recurring seasonal pattern tied to Asia’s "ghost month" has often coincided with sharp pullbacks. This year’s ghost month runs from August 23 to September 21. In the Chinese lunar calendar, it marks the seventh month of the year, a period often associated with bad luck in Asian culture. Though the phenomenon doesn’t directly impact markets, its psychological effect on traders can influence risk appetite and profit-taking behavior. Historically, Bitcoin has shown a tendency to sell off during ghost month. Since 2017, BTC’s average peak decline during this period has been roughly 21.7%, with notable drops such as -39.8% in 2017 and -23% in 2021. With Bitcoin currently near $117,320, a drawdown in line with the historical average could drag prices into the $105,000–$100,000 range before any meaningful rebound. This aligns with key technical support zones where long-term buyers may step in. While some years have ended ghost month with positive returns, the recurring mid-period volatility means traders should remain cautious. Any deeper correction into late August could set the stage for a stronger recovery in Q4 after testing short-term bulls’ resolve.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making decisions.
Source: Bitcoin traders absorb the dips but ‘ghost month’ could extend woes on August 15, 2025.