Bitcoin News Today: Bitcoin faces bearish warning as potential macro top debated amid price pullback

Bitcoin faces growing scrutiny as analysts suggest the cryptocurrency may have hit a potential macro top following its recent price pullback. The drop from a record high of $124,128 to the $117,000 to $118,000 range has prompted warnings from key market observers, including CasiTrades and Arthur Hayes, who highlight the risk of a deeper correction [1]. The bearish sentiment is fueled by the possibility of a larger ABC corrective wave structure, a pattern historically linked to major price declines following macro peaks [1].

CasiTrades has outlined a detailed bearish scenario, suggesting Bitcoin could be entering Wave A of this structure. If the pattern completes, the price could fall as low as $77,000, reaching the 0.382 Fibonacci retracement level. The analyst’s projection includes a sequence of downward moves, with intermediate dips into the $89,000 range before a final decline to $77,000. A continuation of this pattern could eventually send the price down to $60,000, the 0.618 Fibonacci retracement level [1].

Despite these concerns, Bitcoin remains in a relatively strong trading range, currently holding above key support levels. However, signs of weakening momentum have emerged, including a bearish divergence in the RSI on the 4-hour chart [1]. This technical signal suggests that further downward pressure could materialize if buying interest fails to increase in the near term.

The bearish outlook contrasts with some bullish forecasts that predict continued strength in Bitcoin’s price. Analysts and models project a potential rally to $150,000 or higher before year-end, with some models forecasting a 11% rise to $129,690 by September 15, 2025. These optimistic projections are supported by strong institutional inflows and bullish technical indicators, including the realized price crossing above the 200-day moving average [2]. However, these bullish scenarios remain contingent on Bitcoin maintaining its upward momentum in the coming weeks.

A successful bearish correction could also lead to a shift in capital allocation across the crypto market. As Bitcoin retraces, investors may look to large-cap altcoins for potential gains, leading to a more diversified bull market. This capital rotation has been observed in past cycles following major Bitcoin peaks [1].

The market is now watching for key price levels that could determine the direction of the trend. Immediate resistance is positioned at $124,128, with support at $117,000. A break below the latter could accelerate the bearish case, while a retest of the recent high may suggest the pullback is merely a short-term correction [3]. The next few weeks will be critical in determining whether the current dip marks the start of a broader correction or a temporary pause in an ongoing bullish trend.

Source:

[1] Bearish Case for Bitcoin: Analyst Warns Macro Top Is In (https://www.newsbtc.com/news/bitcoin/bearish-case-for-bitcoin-analyst-warns-macro-top-is-in/)

[2] Bitcoin Faces Strong Chance Of $150K Rally Before (https://www.mitrade.com/au/insights/news/live-news/article-3-1046061-20250817)

[3] Historic Bitcoin Indicator Signals Huge Volatility Spike (https://beincrypto.com/bitcoin-indicator-signals-volatility-btc-price-ahead/)