- Bitcoin price steady at $114,387 as $115K resistance caps move toward $118K.
- RSI at 47 and narrowing MACD bars signal easing bearish pressure.
- August trends suggest a $105K test before potential push to $120K.
Bitcoin price is holding at the price of $114.4K and rebounded off the support level of $110.9K on the 4-hour chart. The asset is still held in a downward trending channel, and the $115K is the short-term resistance. That level could instigate an advance to $118K, but past trends in August open the possibility of a bounce to reach $105K first before any long-term rebound.
Bitcoin Price Key Support Holds as Bulls Target Breakout
Bitcoin price is trading in the markets above major moving averages with the 50 EMA at $112K respectively, 200 EMA at $100,7K. The April trendline is going up and it is serving as a dynamic support that indicates the bullish pressure around the $112,000 area.
Considerable demand lies between the level of $ 115K and 117.6K and helps to prevent further rallies, and the repeated rejections indicate that it is one of the largest supply areas.
A confirmed breakout and close above this level would likely fuel additional momentum toward the psychological resistance at $120K
Source: Captain Faibik/X
So far Bitcoin price is maintaining above the 50 EMA and the rising trendline, which keeps the outlook on the upside on the intermediate-term chart. The next big directional movement of Bitcoin price will probably occur after a breakout/breakdown of this consolidation zone.
Bitcoin Price Momentum Indicators Suggest Short-Term Neutral Bias
The Relative Strength Index (RSI) stands at 45.92, moving out of the oversold region and indicating still some upside to come. The Moving Average Convergence Divergence (MACD) line is approaching the signal line, and thinning histogram bars depict a declining bearish momentum. The Awesome Oscillator is negative, and shorter red bars indicate the decline of downside pressure.
Source: TradingView
Historically, Bitcoin experiences mid-August downturns with subsequent rebounds towards the end of the month. Unless the $115K supports, then a retracement to lower supports is likely before the drive to $120K.
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