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📈 Bitcoin's Current Market Position and Technical Analysis 🪙 Bitcoin is currently priced at $118,400, with a market cap of $2.35 trillion and a 24-hour trading volume of $45.32 billion. The intraday price range has been between $118,252 and $120,693, indicating a day of relatively low volatility despite recent fluctuations. 📊 On the daily chart, Bitcoin shows a bullish macro structure following a rally that started in late June and peaked in mid-July. The market has entered a sideways consolidation phase, with support around $112,000 and resistance just below $122,000. The price action resembles a bullish flag formation, suggesting potential for continuation if buying pressure returns. However, volume has declined since the failed breakout in late July, indicating that market participants are waiting for a decisive move before committing heavily. 📈 The 4-hour chart reveals a strong short-term uptrend that began in early August, peaking at $122,300 on August 11 before retracing. The pullback was met with heavy selling, confirming $122,300 as a significant resistance zone. Currently, there is consolidation near the $118,000 level, with a potential bullish trigger if the price can reclaim $120,000 alongside an increase in green volume. Conversely, a drop below $117,000 could invite more selling pressure in the medium term. 🔍 From a short-term perspective, the 1-hour chart illustrates a controlled pullback from the recent top at $122,312, followed by stabilization around $118,000. Volume has diminished significantly since the sell-off, indicating that sellers have lost momentum while buyers remain cautious. A push above $119,000 with rising participation could offer a scalp or short-term long opportunity, while a break below $117,800 could accelerate downside momentum toward the next key supports. 📉 Oscillator readings present a largely neutral picture, with the relative strength index (RSI) at 58 and other indicators showing mixed signals. However, momentum and the moving average convergence divergence (MACD) level both indicate underlying positive bias despite the consolidation. This aligns with the overall macro uptrend, even if the short-term direction remains undecided. 📈 The moving averages provide a strong bullish underpinning across all key periods. Both the exponential moving average (EMA) and simple moving average (SMA) from 10 through 200 periods signal bullish conditions. This multi-timeframe alignment of moving averages strengthens the case for a continuation higher if resistance barriers are broken. 🔮 In conclusion, Bitcoin's technical structure supports further upside potential, with bullish alignment across all major moving averages and buy signals from momentum indicators. If the price can reclaim and hold above $120,000 on strong volume, the path toward retesting $122,000—and potentially breaking higher—remains open. However, recent failed breakout attempts and declining volume suggest buyer hesitation. A breakdown below $117,800 on heavy selling could invalidate near-term bullish setups, opening the door for a deeper pullback toward the $115,000–$113,000 support range.
Community: Crypto Portal
Posted: 2025-08-12T16:01:18.000Z
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