Bitcoin has had an eventful August, printing a new all-time high before facing a quick dip. Let’s break down what’s going on and what could be next for BTC.
Price Snapshot
- Current Price: $118,220
- 24h Change: -2.17%
- Recent ATH: ~$124,000
- Exchange: Bitstamp
- Timeframe: Daily chart
Recent Price Action
- Late July – Early August: BTC broke through the $120K psychological resistance, surging to fresh highs at ~$124K.
- Post-ATH: Quick rejection followed, pulling BTC back toward the $118K zone.
- Trend Context: The move comes after a strong rally from ~$94K in March, with a healthy mid-year consolidation between $108K and $120K before breaking out.
Key Technical Levels
Support Zones: - $116K – $118K: Immediate support and current consolidation area. - $112K: Stronger support from July range highs. - $108K: Key mid-range support from the multi-month structure.
Resistance Levels: - $124K: Fresh ATH and immediate overhead resistance. - $130K: Next psychological target if momentum returns.
Volume & Momentum
- Volume spiked during the breakout, but selling pressure quickly followed—typical for an ATH retest scenario.
- Momentum indicators (RSI, MACD) suggest short-term cooling, but the overall uptrend remains intact.
Potential Scenarios
Bullish Case:
If BTC holds above $116K, we could see another push toward $124K and potentially $130K. Strong continuation depends on renewed volume and breaking through ATH resistance.
Bearish Case:
Losing $116K could lead to a deeper pullback toward $112K or even $108K. This would still be within a healthy correction range inside the broader uptrend.
Outlook
While a dip after a new ATH can feel like a setback, it’s often just a cooling-off period before the next leg up. The long-term structure remains bullish as long as BTC stays above the $108K–$110K range.
Short-term traders will watch for a bounce confirmation at $116K, while long-term holders remain in a strong position in this macro uptrend.
This is not financial advice. Always do your own research before making investment decisions.