Bitcoin News Today: Bitcoin Traders Await Breakout as Price Consolidates Near $114,000

Bitcoin has been trading in a tight range on the hourly chart, sparking speculation among traders about an imminent breakout that could dictate the next phase of its price action. As of the latest data, Bitcoin is hovering around $114,299, with the network's market capitalization standing at approximately $2.27 trillion. Over the past 24 hours, spot trading volume has reached $35.08 billion, with prices fluctuating between $112,770 and $114,883 [4].

The daily chart shows Bitcoin rallying from around $105,130 to a peak near $123,236 before retreating to the $114,000 level. Increased volume at the top indicates potential distribution, and the formation of lower highs suggests a possible double-top pattern. Key resistance is positioned in the $118,000–$120,000 range, while support is seen near $112,000. A decisive break below this level could intensify downward pressure, though the broader trend remains neutral unless $118,000 is retaken [4].

On the 4-hour chart, Bitcoin’s momentum has weakened since an August 1 swing high, with prices sliding to $111,919 before a modest rebound stalled at $115,000. Selling volume continues to dominate during downward moves, and the price appears to be forming a bear flag. A break above $115,500 could confirm a bullish breakout, while failure to hold $113,000 may lead to further downside toward the daily support zone [4].

The hourly chart displays choppy price action within a descending channel characterized by lower highs and tight ranges. Volume spikes coincide with bearish candles, highlighting the dominance of sellers on short intervals. Traders are watching for a bounce from channel support, which could push Bitcoin toward the upper boundary, or a breakdown that might bring it closer to the $112,000 liquidity pocket [4].

Technical indicators present a mixed picture. The RSI and Stochastic are neutral at 47 and 31, respectively. The CCI stands at −106, signaling a bullish bias, while the ADX at 19 reflects a weak trend. The Awesome Oscillator reads −1,839, indicating neutral momentum, and the momentum indicator is at −5,171, showing sell pressure. The MACD level of 62 points to a bearish bias [4].

Moving average analysis underscores the tug-of-war between short- and long-term traders. Shorter-term EMAs and SMAs are clustered between $115,009 and $116,801, forming overhead resistance, while longer-term indicators such as the EMA 50 and SMA 50 have turned bullish. The EMA 100 and SMA 100 provide deeper support, and the 200-day moving averages remain well below current price levels, suggesting that while the short-term bias favors bears, the long-term uptrend remains intact [4].

Looking ahead, a breakout above $115,500–$118,000 with strong volume could rekindle bullish momentum, potentially leading to a retest of the $120,000 level and the previous high of $123,236. Conversely, a breakdown below $113,000 may accelerate a decline toward $112,000, with further risk of a slide toward $108,000 if selling pressure intensifies [4].

Bitcoin remains in a critical phase, with the market poised to determine its next move. Traders are closely monitoring price behavior and volume around key levels in anticipation of a breakout that could either confirm a resumption of the uptrend or signal the beginning of a new bearish phase [4].

Source:

[4] CryptoRank - https://cryptorank.io/news/tag/bitcoin