08.09.2025 02:27
Bitcoin Price Analysis:
After an attempt to rally, Bitcoin's price is currently encountering significant resistance, struggling to surpass the $111,500 threshold. Consolidation appears to be the prevailing trend at this juncture, with a potential for further depreciation should the $110,000 support level fail to hold.
Initially, Bitcoin initiated a recovery phase, successfully breaching the $110,500 mark. However, upward momentum remained constrained, with the cryptocurrency currently trading below both $111,000 and its 100-hourly Simple Moving Average. A bullish trend line, offering support around $110,500, has materialized on the hourly chart for the BTC/USD pair, based on data drawn from internet sources. Further downside risk looms if the price remains capped below the $111,500 resistance level.
Earlier, Bitcoin attempted a recovery, briefly surpassing the $112,000 mark; however, this rally proved short-lived. A peak was reached near $113,500 before a renewed downtrend took hold. The price subsequently dipped below both the $112,000 and $115,000 levels, at one point even testing the critical $110,000 area. The most recent low was established at $110,039, and currently, consolidation is observed. A move above the 23.6% Fibonacci retracement level, measured from the swing high of $113,372 to the low of $110,039, has been noted. Nonetheless, bearish forces continue to exert pressure below the $112,000 level. Bitcoin is presently trading beneath $111,000 and the 100-hourly Simple Moving Average. Furthermore, a bullish trend line, providing support around $110,500, is evident on the hourly chart.
Immediate resistance lies in the vicinity of $111,250. Significant resistance levels are situated around $111,700, corresponding with the 50% Fibonacci retracement of the recent downward movement, which is from the $113,372 swing high to the $110,039 low. The next major resistance level could be $112,580. Breaking above $112,580 could fuel a further upward trajectory. In the event of such a breakout, Bitcoin's price could then test the $113,500 resistance, with potential further gains targeting the $114,200 mark and perhaps the $115,000 level.
Alternatively, if Bitcoin falters in its attempt to clear the $112,000 resistance zone, a fresh wave of declines could be anticipated. Initial support is located near the $110,500 level, which corresponds with the trend line. Primary support is positioned at $110,000, followed by the $109,350 zone. Continued losses may propel the price towards the $108,500 support level in the short term, with the crucial support area around $107,500; a breach below this level could trigger a pronounced downward movement.
Technical Indicators: The hourly MACD is showing a waning bullish momentum. The hourly RSI for BTC/USD is currently below the 50 level.
Key Support Levels: $110,500, followed by $109,350.
Key Resistance Levels: $112,000 and $112,580.
