Market Structure

Bitcoin Market Structure: Bearish August Outlook

Bitcoin has rallied throughout July but several higher-timeframe indicators suggest the move is becoming increasingly fragile. Derivatives participation continues to outpace spot demand, Coinbase Premium remains negative, leverage has expanded and multiple macro and technical factors point toward elevated downside risk. While Bitcoin could still revisit the 69–70k resistance region before reversing, my current market structure remains bearish for August and potentially into September unless new evidence changes this view.