Bitcoin’s price consolidated around $108,800 on August 31, 2025, marking a 1% intraday decline and positioning the asset for a 6% monthly loss, its first red month since February.
This underwhelming performance comes after Bitcoin price surged to new all-time highs around $124,500 on August 14, before reversing as traders rotated capital toward Ethereum. In stark contrast, ETH gained 25% in August, fueled by Ethereum Strategy Reserve accumulation from firms such as Sharplink Gaming and Tom Lee’s Bitmine.
Historical returns data from BitcoinROI highlights that August has been a mixed month for BTC, with losses recorded 8 times in the last 10 years. The August rallies since 2015 have included a 73% gain in 2017 and a 17.7% increase in 2022.
The seasonal trends also show that BTC price has posted gains in September, October, and November for two consecutive years, raising hopes of a repeat performance.
More so, current macroeconomic conditions may also lean in Bitcoin’s favor. Following multiple calls from US President Donald Trump, embattled Fed Chair Jerome Powell finally delivered hawkish hints during his speech at Jackson Hole in late August.
In the aftermath of the hawkish Fedspeak, CME Group analysts have priced in an 86.4% chance of the US Federal Reserve’s first rate cut in 2025, during the next FOMC meeting slated for September 17. This expected boost in money supply improves the outlook for risk assets, potentially setting Bitcoin price action on a path to mirror the bullish trends of 2023 and 2024, when it recorded gains from September to October.
Looking ahead, Bitcoin appears to have formed a local bottom near $108,000. Strategy CEO Michael Saylor fueled speculation with another cryptic post on Sunday, hinting at fresh Bitcoin purchases. Given that volumes have fallen sharply in recent days, renewed buying from institutional players like Strategy could provide a much-needed near-term boost to liquidity and sentiment.
At first glance, Bitcoin’s technical indicators suggest consolidation near a critical support level. The Bollinger Bands show BTC trading just above the lower band at $106,529, indicating oversold conditions after the recent selloff. The MACD remains in negative territory, with the signal line still above, confirming ongoing bearish momentum and suggesting that a potential reversal could form if momentum shifts.
On the upside, the first resistance lies at the 20-day moving average around $114,384. A breakout above this zone could open the path toward $118,000, with stronger bullish continuation retesting the $122,000 upper Bollinger Band.