Citigroup: Bitcoin's recent weakness may portend a Nasdaq 100 trend reversal

U.S. Central Command (CENTCOM) spokesperson Tim Hawkins denied that senior military officials are pushing for a new round of military strikes against Iran. Hawkins said in an interview that reports claiming that CENTCOM Commander Brad Cooper is pushing for a new round of strikes on Iran are "pure fabrications, not facts at all." (Xinhua News Agency)

CryptoQuant analyst Darkfost noted in a post that Bitcoin’s Average Directional Index (ADX) indicator hit its lowest level in over two years today, another signal suggesting volatility is about to return. ADX is a tool for measuring trend strength, not directional, carrying no bullish connotation—it is only used to track trend strength rather than price action. An extremely low ADX level means Bitcoin has been trading sideways in a range for quite a long time, trend momentum is nearly exhausted, and prices will have to choose a direction soon. Darkfost stressed that multiple indicators currently point to the same conclusion: the market has been in a "hypnotic" low-volatility state for several consecutive months, major swings are imminent, and investors should remain highly vigilant.

South Korea’s largest cryptocurrency exchange Upbit will halt trading support for the following tokens starting September 14: Jasmy (JASMY), ThunderCore (TT), and STORJ.

On-chain analyst Murphy noted that all BTC purchased in 2025 is currently in a loss position. Whenever the volume of these 2025-acquired BTC decreases, all reductions (excluding wallet transfers) stem from selling at a loss. As of now, 4.77 million BTC bought in 2025 remain, a 41.5% drop from their peak last December. The downward trend’s slope has two distinct phases: a sharp decline before February this year, followed by a slowdown after February, though it still maintains a notable downward slope. This cohort represents the largest supply side in the current market. Comparing data from 2022 to 2024, it’s clear that holdings with unrealized profits have largely passed the steep phase of decline. Even if prices drop further, changes in the volume of these holdings will no longer be significant. In other words, the potential supply from this group has already completed its turnover. Looking at the past two bear markets: during the 2022 bear market bottom, holdings from the 2021 peak dropped by 51%; during the 2018 bear market bottom, holdings from the 2017 peak fell by 62%. Murphy estimates that the current bear market bottom will see a maximum decline of 50-60%, with the current figure standing at 41%.

According to HTX market data, Bitcoin has fallen below $63,000, recording a 1.5% decline in the past 24 hours.

Binance will stop supporting deposits and withdrawals of Sophon (SOPH) via BNB Smart Chain starting at 08:00 UTC on August 21. Users can still deposit or withdraw the token through other networks supported by Binance.