Bitcoin Price Update โ Aug 9, 2025: Consolidation Before the Next Big Move ๐
Current Price: $117,304 (+0.35%)
Market Cap: $2.33 Trillion
24h Range: $115,979 โ $117,786
Volume (24h): $31.5B
Bitcoin is trading in a tight consolidation range after peaking at $123,236 earlier this week. Support is holding at $116K, with major resistance between $118K โ $118.5K.
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Daily Chart Highlights ๐
BTC rebounded strongly from $112K support.
Heavy selling pressure at $118.5K remains the key breakout test.
Buyers are stepping in on dips โ volume spikes during pullbacks confirm accumulation.
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4-Hour Chart Insights ๐
Higher highs & higher lows since Aug 5 indicate a healthy bullish structure.
$116K = critical short-term support; a must-hold for bulls.
Sellers active near $118Kโ$118.2K, but consistent buying momentum keeps the trend positive.
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1-Hour Chart Observations โฑ
Sideways action with a slight bullish tilt.
Micro resistance: $118K | Micro support: $116.8K โ $117K.
Low volume suggests traders are waiting for a clear breakout signal.
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Technical Indicators ๐
Oscillators: Mostly neutral (RSI 56, Stochastic 66, CCI 23).
MACD: Short-term bearish, but momentum indicators lean bullish.
Moving Averages: All timeframes (EMA/SMA) are bullish, signaling strong upward bias.
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Bull vs Bear Scenarios ๐๐ป
Bullish: Break & hold above $118.5K โ possible rally to $120Kโ$123K.
Bearish: Drop below $116K โ likely retest of $114K or even $112K.
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๐ Outlook: Bitcoin is coiling for a big move. Until breakout, traders can buy dips near $116K and take profits near $118.5K, watching for volume surges as the trigger.
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