Bitcoin fell to $114,000 triggering nearly $300 million in liquidations, but Spot higher trade volumes show signs of accumulation. Analysts warn of September selling pressure tests.

The price of Bitcoin (BTC) today fell to $114,386, triggering nearly $300 million in leveraged position liquidations within the past 24 hours, indicating that market confidence remains fragile. However, on-chain data reveals potential positive signals: the daily spot trading volume on mainstream CEX surged to over $6 billion, while the fund flow from Whales to exchanges dropped by $1.4 billion within a week, suggesting that the selling pressure has eased and large funds may be buying low. Analysts point out that this could mark the beginning of the "accumulation phase" for BTC, laying the groundwork for a subsequent rebound. However, they warn that one must first safely navigate the potential severe selling pressure of the "September test" before expecting a market rally in the fourth quarter.

Signs of Accumulation Phase Emerging? Spot Volume Increases and Whale Movements Revealed

According to analyst Amr Taha's CryptoQuant quick review article, the BTC spot trading volume on mainstream CEXs surpassed $6 billion on August 18th—one of the most significant surges this month. Taha pointed out that such sudden spikes usually signal increased participation from institutional investors and large traders, as well as some retail activity looking to profit from the volatility. It is worth noting that the surge in spot trading volume on mainstream CEX coincided with BTC falling below $115,000 — this trend can serve as a leading indicator of a potential price momentum reversal. Historical data shows that strong spot buying during price declines often reflects that traders are stepping in to accumulate BTC at a discount. If this dynamic can continue, it could alleviate selling pressure and lay the foundation for a rebound. Taha also emphasized that while the spot trading volume of mainstream CEX has increased, the Whale-to-Exchange Flow of mainstream CEX has decreased, with this metric dropping from 6.4 billion USD to 5 billion USD—this means that over the past week, the transfer amount from whales to mainstream CEX has decreased by 1.4 billion USD. The decrease in the number of Whales depositing into the exchange indicates that fewer large holders are sending BTC to the exchange in preparation for potential selling, which is often seen as a bullish trend. Taha concluded: Taking these factors into account - the surge in mainstream CEX spot trading volume, the increase in demand during price declines, and the decrease in Whale deposits - the market is showing preliminary signs of stabilization. If accumulation at current levels persists, Bitcoin has a good chance of recovering in the near term and retesting higher resistance levels.

Technical View and September Warning

From a technical perspective, cryptocurrency analyst Titan of Crypto pointed out that BTC is still following its weekly trend line. If the trend holds, BTC is expected to target $130,000 in the coming weeks.

September Warning Signals

Although Taha believes that BTC may currently be in the accumulation phase and could experience a trend reversal in the coming months, other analysts remain cautious. Cryptocurrency analyst Josh Olszewics warns that BTC must first endure a "brutal September" before any meaningful Rebound can occur in the fourth quarter of 2025. Similarly, CryptoQuant contributor Boris Vest warns that in the next 1-2 weeks, this market-cap ranked number one cryptocurrency may face intensified dumping pressure.

Conclusion

The current Bitcoin market is in a sensitive period of transitioning between bullish and bearish forces. On one hand, the surge in the spot market and the whales' pause in selling clearly indicate that savvy capital may be quietly positioning itself at the bottom, and the technical aspect has not broken the long-term trend line, leaving a spark for a rebound. On the other hand, September is traditionally a weak month for the cryptocurrency market, and macro uncertainty may bring additional challenges. For investors, short-term stabilization signals are emerging, but a true trend reversal still needs to wait for successfully passing the "September test" and effectively breaking through key resistance levels to be confirmed. Being cautiously optimistic and closely tracking spot volume and whale movements remain crucial.