Bitcoin is trading at $116,779 per unit on August 8, 2025, with a market capitalization of $2.32 trillion and a 24-hour trading volume of $38.10 billion. The cryptocurrency has fluctuated in a narrow range during the day from $116,112 to $117,596, reflecting a consolidation phase following recent price volatility.
Bitcoin
On the daily chart, Bitcoin has rebounded strongly from the $112,000 level after a correction from the $123,236 peak, following a previous rise from the $107,300 area. Price action indicates a sideways movement indicative of consolidation, with lighter volume momentum compared to the initial recovery. The daily trend remains neutral to positive as long as the $114,000 support level holds, but a decisive move above $120,000 could reinforce the bullish trend. Conversely, a drop below $114,000 risks triggering another decline towards previous support levels.
The 4-hour chart of Bitcoin shows a gradual increase from $111,919 to $117,675, with minor pullbacks not disrupting the overall uptrend. Prices are consolidating near recent highs, and although volume has decreased, no significant selling pressure has emerged. Key support is within the range of $116,000–$116,500, which could serve as a springboard for new gains if defended. However, a break below this level could pave the way for a slide towards $114,500.
The 1-hour chart of Bitcoin illustrates a micro uptrend from $114,280 to $117,675, followed by tight sideways trading as market participants await a triggering factor. Decreasing volume suggests a volatility spike may be imminent. A breakout above $117,800 could prompt a push to $118,500 or higher, while a break below $116,500 could accelerate losses towards $115,000. This short-term indecision reflects a larger consolidation structure that may be observed on higher time frames.
The reading of the oscillator indicators is mixed, with the Relative Strength Index (RSI) at 54, stochastic at 58, the Commodity Channel Index (CCI) at 12, the Average Directional Index (ADX) at 17, and the Awesome Oscillator at -878 — all indicating neutral signals. However, momentum at -1,067 and the Moving Average Convergence Divergence (MACD) at 340 are both signaling bearish. This suggests potential caution, even as prices remain close to the upper range of the recent consolidation phase.
The moving averages (MAs) indicate a predominantly bullish trend. The exponential moving averages (EMAs) for 10, 20, 30, 50, 100, and 200 periods, along with the simple moving averages (SMAs) for 10, 20, 50, 100, and 200 periods, are all in the positive zone — except for the 30-period SMA, which has turned bearish. This alignment supports the view that Bitcoin's long-term structure remains intact, with short-term weakness potentially providing an accumulation opportunity if critical supports are maintained.
Bull Opinion:
If Bitcoin holds support above $114,000–$115,000 and decisively surpasses $118,000 with increasing volume, the path to $120,000 and possibly higher remains open. Strong alignment in most moving averages reinforces the continued positive scenario, with dips likely attracting buyers in the current macro uptrend.
Bear Opinion:
A sustained break below $116,000 — and particularly below $114,000 — would shift the short-term trend to bearish, opening up the possibility of a retracement to $112,000 or lower. The mixed oscillator indicator readings, along with waning momentum and MACD sell signals, suggest that bulls may lose control if key supports do not hold.
