Bitcoin News Today: Bitcoin Stabilizes Above $113,000 Amid Channel Support and Fibonacci Levels

Bitcoin (BTC) is currently stabilizing above $113,000 following a pullback from July highs near $123,800. The price is hovering just above critical trendline and Supertrend support, with bulls maintaining control of the key mid-channel zone and the Supertrend flip near $111,950. If volume supports a recovery, a rebound could be on the cards [1].

On the daily chart, BTC has re-entered a rising channel that began in late April. The recent high near $123,800 marked a local top, and the current price has corrected to retest the channel’s median around $113,000. This level aligns with the 4-hour Fibonacci 0.786 extension and the Supertrend flip at $111,957, offering immediate structural support [1].

The broader market remains bullish, as BTC trades well above the bull market support band, currently ranging between $101,434 and $104,423. This zone has remained intact and continues to provide macro confirmation for long-term buyers, particularly as Bitcoin has not closed below the Supertrend since May [1].

The pullback in BTC price today is driven by localized weakness in spot flows and rejection at the Fibonacci R3 level of $116,457 on the 4-hour chart. The price failed to maintain strength above $115,700, where the 20/50/100 EMAs have aligned to form a congestion zone. The 4-hour Bollinger Bands also narrowed sharply last week, leading to a volatility squeeze that broke to the downside [1].

Spot exchange netflows on August 6 showed an outflow of over $68 million, reflecting mild capital rotation or profit-taking near recent highs. Market dominance remains strong at 60.64%, but the rate of increase is slowing, signaling potential range-bound consolidation unless bullish momentum returns [1].

The Smart Money Concepts chart on the daily timeframe indicates a fresh Change of Character (CHoCH) forming just beneath the $114,200 zone. This weak break suggests that sellers may be attempting to flip short-term momentum, but liquidity remains heavy near $112,800, and buyers have not yet lost key market structure [1].

The 4-hour chart shows BTC price hovering just beneath the 20 EMA at $114,244 and stuck between the 50 and 200 EMAs. All major EMAs are clustered between $114,200 and $115,800, forming a strong resistance wall. Without a clean breakout above this range, upside moves are likely to remain capped [1].

Bollinger Bands on the 4-hour chart are beginning to widen slightly again, indicating a possible fresh volatility expansion phase. However, without a decisive move through the mid-band or a close above the 100 EMA at $115,777, the current recovery attempt remains vulnerable [1].

For the short-term outlook, as long as BTC holds above $112,800, a potential rebound remains viable. A bounce from the rising channel and Fibonacci S3 support at $112,165 could lead to a retest of $115,200, followed by the stronger resistance zone near $116,400. A successful breakout here may push BTC back toward $118,300 [1].

On the downside, failure to hold $112,800 or a breakdown below $111,950 would expose Bitcoin to deeper losses toward $110,000 and possibly $107,300, where prior demand zones and Fibonacci levels converge. Spot volume remains flat, and short-term indicators have yet to turn decisively bullish, so traders are advised to wait for confirmation above the 20/50 EMA cluster before taking aggressive positions [1].

Source: [1]Bitcoin (BTC) Price Prediction for August 7 [https://coinedition.com/bitcoin-btc-price-prediction-for-august-7-2025/]