Bitcoin News Today: Bitcoin Falls Below Key Support to $113,000 Amid Technical Correction

Bitcoin has recently broken below key short-term support levels, triggering a correction that has pushed the price from the $118,000 range to around $113,000. The decline has been particularly notable as it breaches the critical $115,000–$116,000 support zone, a level that had previously acted as a strong floor. However, despite this short-term weakness, the broader bullish trend for the year remains intact, with Bitcoin still trading well above its 200-day simple moving average (SMA) [1].

From a technical standpoint, the 50-day SMA at approximately $112,110 is currently acting as immediate support, while the next major level of interest lies around $111,350. A further drop toward the $99,280 level—aligned with the 200-day SMA—could signal a significant consolidation phase. The relative strength index (RSI) has rebounded from 45.12 and remains in neutral territory, indicating that the market is not yet oversold [1]. Analysts suggest that this pullback could be a healthy correction rather than the start of a bearish reversal [1].

For investors, several key price zones have been identified as potential buying opportunities. The $112,000–$111,000 range, a confluence of support levels including the 50-day SMA and recent price structure, is considered a low-risk entry point if the price holds. The $100,000–$99,280 zone represents a stronger psychological and structural support level, where heavy accumulation is expected if Bitcoin reaches that point. In an extreme bearish scenario, the $75,000 level could serve as an entry for long-term buyers, representing a 35% drawdown from the recent peak [1].

On the risk management side, traders are advised to watch the $116,000–$118,000 range closely. A retest of this area without a successful hold could result in a bear trap, reinforcing the current downward trend. A decisive close below $111,000 with strong volume would likely push Bitcoin toward the $100,000 level or lower [1].

Despite the short-term bearish move, the long-term outlook for Bitcoin remains positive. Institutional interest in digital assets is growing, with Wall Street continuing to expand its presence in crypto-related markets, including asset management and treasury services. This broader trend suggests that the underlying fundamentals for Bitcoin remain strong [11].

Meanwhile, the crypto market has seen increased speculation about alternative cryptocurrencies. Some analysts have highlighted potential high-return opportunities in 2025, including BlockDAG and Punisher Coin. However, these investments come with high volatility and speculative risks, making them more suitable for aggressive traders rather than conservative investors [6][8].

Not all market commentary has been accurate, with a misleading narrative earlier in the week falsely claiming that Bitcoin was at a critical inflection point. The story was later debunked by Reddit users who emphasized the lack of factual basis for the claim [3]. This highlights the importance of relying on verifiable data and technical analysis rather than hype during periods of volatility.

Market participants like Eric Trump have joined the “buy the dip” narrative, suggesting that a rebound is likely if Bitcoin reclaims key resistance levels. This aligns with the view that the current pullback is part of a larger consolidation phase before the next upward move [5].

Overall, while the recent price action in Bitcoin reflects market caution, the long-term structure remains intact. Traders are advised to monitor the key support and resistance levels closely, as these will determine the next direction of the asset. For now, Bitcoin appears to be in a healthy correction phase, offering potential entry points for those who believe in the long-term bullish case [1].

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Source: [1] CryptoTicker – [https://cryptoticker.io/en/bitcoin-price-breaks-support-buy-opportunity](https://cryptoticker.io/en/bitcoin-price-breaks-support-buy-opportunity)

[3] Reddit – [https://www.reddit.com/r/CryptoCurrency/comments/1mgnq8l/earlier_today_while_bitcoin_was_hovering_around/](https://www.reddit.com/r/CryptoCurrency/comments/1mgnq8l/earlier_today_while_bitcoin_was_hovering_around/)

[5] Mitrade – [https://www.mitrade.com/au/insights/news/live-news/article-3-1008139-20250804](https://www.mitrade.com/au/insights/news/live-news/article-3-1008139-20250804)

[6] Crypto – [https://crypto-economy.com/best-crypto-to-buy-right-now-blockdags-0-0016-price-could-be-the-opportunity-of-the-year/](https://crypto-economy.com/best-crypto-to-buy-right-now-blockdags-0-0016-price-could-be-the-opportunity-of-the-year/)

[8] CoinCentral – [https://coincentral.com/stellar-and-litecoin-lag-behind-but-punisher-coin-become-the-best-token-to-buy-now-with-30-bonus-and-100x-2025-potential/](https://coincentral.com/stellar-and-litecoin-lag-behind-but-punisher-coin-become-the-best-token-to-buy-now-with-30-bonus-and-100x-2025-potential/)

[11] TradingView – [https://www.tradingview.com/symbols/HTX-BTCUSD1%21/ideas/page-7/?contract=BTCUSD08Q2025&exchange=HTX](https://www.tradingview.com/symbols/HTX-BTCUSD1%21/ideas/page-7/?contract=BTCUSD08Q2025&exchange=HTX)