Momentum Fades for Bitcoin as Summer Headwinds Set In, 10x Analysts Note

Bitcoin Risks Deeper Pullback as Seasonal Weakness and Slowing Inflows Set In: 10x Research

Bitcoin (BTC) continues to trade in a narrow band below $120,000, but momentum is fading fast as the market enters what’s historically been a challenging month, according to a report from 10x Research.

The firm pointed out that August has consistently ranked as one of bitcoin’s weakest months, delivering losses between 5% and 20% in most years over the past decade. Only three Augusts — 2013, 2017, and 2021 — have closed in positive territory, all during strong post-halving bull runs.

Alongside seasonal headwinds, analysts flagged a notable slowdown in capital inflows into the Bitcoin network — a metric closely tied to price action this year. While $206 billion has flowed into bitcoin in 2025 so far, total network inflows now exceed $1 trillion. However, the 30-day rolling average has slipped from $62.4 billion to $59.3 billion, which could mark the beginning of a consolidation phase similar to those seen in early and late 2024.

“Time is running short,” said Markus Thielen, co-founder and lead analyst at 10x. “Even with billions in inflows from corporate treasuries, the market reaction has been subdued. That casts doubt on whether BTC can deliver the breakout many expect.”

The firm now sees a potential breakdown below $117,000, with technical support levels near $112,000 and a deeper cushion between $106,000 and $110,000.

Still, bulls may take comfort in the fact that past August gains occurred during post-halving years — much like 2025. If the pattern holds, bitcoin could still defy the seasonal trend.