Bitcoin News Today: Bitcoin Price Consolidates Amid Key Support and Resistance Levels After 17% July Rally

Bitcoin’s price is currently trading at $114,930 as of Tuesday morning, with a market capitalization of $2.28 trillion and a 24-hour trading volume of $34.71 billion. Over the past 24 hours, the cryptocurrency has oscillated between $113,941 and $115,591 as it consolidates after a notable rally in July. That month, the price rose from approximately $105,130 to $123,236, a 17% increase [1]. Since then, it has entered a corrective phase with a sideways movement and a slight downward bias, reflecting profit-taking at the July highs [1].

Key support levels are currently identified at $112,000 and $108,000, while resistance remains intact in the $116,500 to $118,000 range. Until the price breaks above $118,000 with strong volume, the short-term bias remains neutral to bearish. The market is still waiting for a clear catalyst to define its next direction [1].

The four-hour chart shows a rejection from $118,904, followed by a sharp drop to $111,919. The subsequent recovery has been weak in terms of volume, with repeated failures to break through $115,000. A potential bear flag pattern is emerging, which suggests a risk of further downside if the $113,000 support level fails. A break below this level could lead to a retest of $111,900. On the other hand, a breakout above $115,200 with strong volume might set the price toward $116,500–$117,000 [1].

Intraday resistance on the one-hour chart at $115,700 has repeatedly capped rally attempts, while support between $114,000 and $114,300 has been tested multiple times. Volume analysis indicates that selling pressure currently outweighs buying interest, which suggests that bulls may struggle to regain momentum without fresh buying support. A breakdown below $114,000 could push the price toward $113,000, while a confirmed breakout above $115,700 might open short-term upside toward $116,500 [1].

Oscillators present a mixed picture of market sentiment. The RSI is at 49, indicating neutral momentum, while the Stochastic oscillator is also at 34, showing similar neutrality. The CCI at −105 points to a potential recovery, but the momentum and MACD indicators remain bearish. The ADX at 19 suggests a lack of a strong trend, and the Awesome oscillator remains neutral at −1,526. These conflicting signals indicate that the market is indecisive [1].

Moving averages reflect a divergence between short-term and long-term sentiment. The 10, 20, and 30-period EMA and SMA are all above the current price and signal bearish conditions. However, the 50, 100, and 200-period EMA and SMA are below the current price and issue bullish signals. This suggests that while short-term pressures remain bearish, the long-term uptrend could persist if key support levels are maintained [1].

If Bitcoin can decisively break above $115,700 on strong volume, short-term buyers could regain control. A sustained move through $116,500 would raise the probability of testing the $118,000 resistance zone, which might reignite the broader uptrend driven by long-term moving average buy signals. Conversely, if the $114,000 support fails, further selling pressure is likely to emerge, with downside targets at $113,000 and $111,900. Given the current short-term bearish signals from oscillators and moving averages, a breakdown could result in deeper retracements toward the $108,000 support level [1].

Source: [1] Bitcoin Price Watch: Potential Bear Flag Pattern Forms on 4-Hour Chart (https://api.news.bitcoin.com/wp-json/bcn/v1/post?slug=bitcoin-price-watch-potential-bear-flag-pattern-forms-on-4-hour-chart)