Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Bitcoin Price Consolidates Around $118K AGAIN: What’s Next for BTC?

Bitcoin Price Consolidates Around $118K AGAIN: What’s Next for BTC?

CryptotickerCryptoticker2025/08/17 19:30
By:Cryptoticker

Bitcoin Price Analysis: Resistance Flip and False Breakouts

Looking back at Bitcoin’s recent 4H chart, we see how $ BTC repeatedly tested the $118,500 – $119,000 zone as a critical resistance area. Each rejection in late July and early August (highlighted by the orange trendline) reinforced this ceiling. A mid-August rally briefly pushed BTC above $120K, but that move quickly reversed, showing a false breakout before price slid back toward support.

BTC/USD 4-hours chart - TradingView

Throughout these swings, the 200 SMA (117,534) provided strong dynamic support. Meanwhile, the 50 SMA (118,996) acted as a near-term ceiling, aligning closely with the same resistance band that BTC has been struggling to overcome.

Today’s Price Action: Sideways But Holding Strong

As of today, $Bitcoin is trading around $118,365, showing resilience above the 200 SMA and consolidating below the 50 SMA. RSI (49.10) sits near neutral, signaling indecision and low momentum in either direction.

Key levels to watch:

  • Support: $117,500 (200 SMA) and $116,000–$115,000 range.
  • Major Support: $112,142 and $111,350 if BTC breaks down sharply.
  • Resistance: $118,600–$119,000 zone, followed by $120,000+.

This consolidation suggests BTC is gathering momentum for its next breakout attempt.

Bitcoin Price Prediction: Breakout or Breakdown?

If Bitcoin closes decisively above $119K–$120K, we could see a swift move toward $122K+, as trapped shorts fuel momentum. On the flip side, if BTC fails to reclaim $118,996 (50 SMA) soon, a retest of $117.5K is likely, with risk of deeper correction toward $114K–$112K.

Given the tightening range, volatility is expected to return within days. Traders should prepare for either a breakout continuation or a support breakdown.

How To Trade Bitcoin Today

  • Bullish Entry: Consider long positions above $119,000, targeting $121K–$122K, with a stop near $117.5K.
  • Bearish Entry: Short entries may be considered if BTC fails at $118,600–$119,000, aiming for $115K–$116K, with stops above $120K.
  • Neutral Players: Stay patient and wait for a confirmed breakout of the range.

Risk management remains crucial given the narrowing structure.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

ChatGPT and Grok shift crypto trading to sentiment, now explains “why” behind moves

Share link:In this post: Crypto traders have turned to ChatGPT and Grok for real-time context, sentiment analysis, and narrative framing. In charts, Grok gives a more detailed and information-packed breakdown, pointing out resistance and support levels, liquidation events, and possible outside causes. Experts say that over-reliance on the bots without checking the ideas against standard charts or news causes traders to have false confidence.

Cryptopolitan2025/08/21 23:35
ChatGPT and Grok shift crypto trading to sentiment, now explains “why” behind moves

Trump’s Fed chair shortlist grows longer than expected

Share link:In this post: President Trump, through Treasury Secretary Scott Bessent, is moving forward with interviews for 11 potential replacements for Fed Chair Jerome Powell, whose term ends in May. The list includes current Fed governors, past officials, and top financial executives. Philip Jefferson, the current vice chair, is also in the running. If selected, he would become the first Black Fed Chair in U.S. history.

Cryptopolitan2025/08/21 23:35
Trump’s Fed chair shortlist grows longer than expected

Pennsylvania House sees bill to ban public officials from owning Bitcoin and digital assets

Share link:In this post: A new bill (HB1812) introduced in the Pennsylvania House of Representatives could impose jail time on public officials who fail to divest their Bitcoin holdings. Officials who do not comply with the divestment requirement could face civil penalties of up to $50,000, and violations may be classified as felonies. Similar proposals, especially at the federal level, are growing as more officials express discontent with Donald Trump’s relationship with crypto.

Cryptopolitan2025/08/21 23:35
Pennsylvania House sees bill to ban public officials from owning Bitcoin and digital assets