As July is coming to an end, the focus of the Crypto Assets market has shifted towards August. The price of Bitcoin is consolidating within the range of $117,000 to $120,000, and market sentiment is generally optimistic, with most analysts expecting a potential breakthrough of the existing range in the near future.

It is noteworthy that large holders continue to increase their Bitcoin reserves, a behavior that demonstrates their strong confidence in the long-term development of Bitcoin. This accumulation pattern is often seen as an important signal of a strengthening market.

As of the time of writing, the Bitcoin price hovers around $118,938. Technical analysis shows that if it can firmly stand above the $120,000 mark, it will provide strong support for a push towards a historical high. However, investors should also be cautious; if the price falls below the support level of $117,261, it may trigger a short-term correction.

Nevertheless, considering all factors, the market generally believes that the possibility of Bitcoin reaching a new record high in August is relatively high, and the selling risk is relatively low. However, given the high volatility of the crypto assets market, investors still need to operate cautiously and manage risks properly.