Bitcoin News Today: Bitcoin Traders Eye $114K Support as Bearish Pressure and Downtrend Persist

Bitcoin’s price has remained in a tight trading range between $114,326 and $118,696 on August 1, 2025, hovering around $114,656–$115,078 in the last hour. The cryptocurrency’s total market capitalization stands at $2.28 trillion, with 24-hour trading volume reaching $57.10 billion, indicating continued high liquidity and market participation [1]. After a recent peak near $123,236, the daily chart reflects a short-term downtrend with price action retreating to a key support zone between $114,000 and $115,000. While the bearish bias persists, declining sell volume suggests potential exhaustion among sellers, which could pave the way for a bullish reversal [1].

On the four-hour chart, the bearish structure is well-defined, with consistent lower highs and lower lows. Increased red candle volume reinforces the downward momentum, yet the $114,116 support level remains intact for now. Short-term traders may look to enter short positions near $117,000–$117,500 if price faces rejection, while a double bottom formation at $114,000—paired with bullish divergence—could justify long entries for those anticipating a reversal [1].

The one-hour chart shows a smooth downward trend with limited upward retracements. A significant volume spike during the most recent decline, followed by tapering volume, raises the possibility of an inflection point. Small-bodied candles at recent lows suggest base-building activity is underway. Scalpers may consider long entries above $114,500 if a bullish engulfing candle forms, or short positions below $115,000 in case of a rejection. However, profit targets should remain conservative, limited to 200–300 points due to the high intraday volatility [1].

Oscillator readings indicate ongoing market indecision. The RSI stands at 46, the Stochastic at 28, and the CCI at -258, all suggesting neutral sentiment. Meanwhile, the ADX at 21 and momentum at -5,123 point to underlying bearish tendencies. The MACD level at 1,208 also reflects strong bearish pressure, reinforcing the near-term bearish bias [1].

Short-term moving averages, including the 10-day and 20-day EMAs and SMAs, are negative, supporting the bearish outlook. However, longer-term indicators such as the 50-day, 100-day, and 200-day EMAs and SMAs remain in buy territory, aligning with the broader uptrend. This divergence between short-term and long-term averages suggests a potential bottoming structure may be forming if key support levels hold [1].

Bullish traders remain hopeful that a sustained break above $118,000 resistance, accompanied by increased volume, could signal the end of the current pullback and a resumption of the broader uptrend. The convergence of long-term moving averages in buy territory supports this scenario, offering a favorable risk-reward setup for upward continuation [1].

On the other hand, the bearish structure across the one-hour and four-hour charts remains intact. Key oscillators and short-term moving averages align with further downside risk. Should Bitcoin fail to hold above $114,000, it could accelerate downward toward $113,000–$112,000, invalidating bullish setups and reinforcing the current bearish trend [1].

Source: [1] Bitcoin Price Watch: Is a Major Reversal Brewing at $114K? (https://api.news.bitcoin.com/wp-json/bcn/v1/post?slug=bitcoin-price-watch-is-a-major-reversal-brewing-at-114k)