Bitcoin traders absorb the dips but ‘ghost month’ could extend woes

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Key takeaways (you know, just in case you need the gist):

  • Bitcoin took a nose dive on Aug. 14, dropping below $117,000. And guess what? The “ghost month” is like that annoying friend who never leaves and might drag Bitcoin to $105,000. Yikes!

  • Onchain data says people are still buying Bitcoin like it’s on sale. US and Korea are stepping up to the plate, so maybe there’s a tiny, short-term recovery. But who knows, right?

So, Bitcoin (BTC) had its sharpest correction in a month on Thursday, dropping below $117,000 on Aug. 14. It’s like when you think you’re finally past the worst of it, and then…bam! Here comes the bear market. For the first time since July 15, the chart shows a “bearish engulfing pattern.” Sounds dramatic, doesn’t it? Like an emotional breakup. Could this spell more pain thanks to Asia’s “ghost month”? Possibly. But let’s wait and see.

Bitcoin chart showing a drop

But hey, don’t panic just yet. Onchain data suggests people are still trying to buy that dip. The Coinbase Premium Index went up, meaning US demand is strong. Over in Asia, the Kimchi Premium turned positive. I’m not saying Bitcoin is about to moon, but maybe it’s just a small dip in the rollercoaster ride.

Crypto trader Hansolar summed it up best: “It’s like everyone’s throwing money at Bitcoin on Coinbase, Bitfinex, and South Korean exchanges.” Alright, so maybe they’re not *literally* throwing money at it, but you get the idea. People are buying.

Crypto trader activity chart

And let’s talk stablecoins for a second, because we all love stable things, right? USDC inflows surged to $3.88 billion after the price dip. I mean, that’s a lot of dough for a dip. It’s like when you spill your coffee, but then you find out you can get a free refill. Nice.

But wait, hold on. The signs of capitulation? Pretty much nonexistent. Just 16,800 BTC were moved to exchanges at a loss by short-term holders (STHs). That’s a far cry from the 48,000 BTC people usually sell when things get ugly. So, you know, not a total meltdown.

📊MARKET UPDATE: #Bitcoin slipped 5% on Aug. 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.

Blue arrow trend shows shrinking STH sell pressure. 👍

– CryptoMoon Markets & Research (@CryptoMoonMT) August 15, 2025

Can ‘ghost month’ extend BTC’s correction period? (Spoiler: it’s possible)

Anonymous analyst Exitpump (I’m sure that’s not their real name) suggests Bitcoin could find support between $116,000 and $117,000, where buying interest is hanging out. But of course, don’t get too excited. “Ghost month” is lurking, ready to spook the market. You know, because it’s tradition or whatever.

This year’s “ghost month” runs from Aug. 23 to Sept. 21. According to the Chinese lunar calendar, it’s the seventh month, and in Asian culture, it’s associated with bad luck. Does that *really* impact markets? Probably not directly. But psychologically? Traders might be feeling a little off, like that time you lost your keys right before an important meeting.

Historically, Bitcoin tends to lose some steam during this period. From 2017 onward, Bitcoin has averaged a 21.7% decline. So yeah, there’s been some serious blood on the charts before, like that time in 2017 (-39.8%) or 2021 (-23%).

Bitcoin graph showing past drops

So, if Bitcoin continues this decline, we might see prices dip to the $105,000-$100,000 range. And that’s where long-term buyers might be ready to swoop in. Think of it as a clearance sale for Bitcoin. I mean, who doesn’t like a deal?

Some years end ghost month with a positive ROI, but don’t forget that mid-period volatility can be a nightmare. A deeper correction later this month could mean a stronger recovery come Q4. Because of course, it’s never simple. Get ready for the emotional rollercoaster ride.

Bitcoin price forecast chart

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2025-08-15 22:55