The crypto market reminds us that both volatility and the possibility of declines exist, as Bitcoin (BTC) is also showing this week. Currently, BTC is priced at $115,800 and in August it remains unchanged after testing a low of $111,655 yesterday. Powell's words yesterday in Jackson Hole helped the markets, in fact, BTC then closed up 3.93% and S&P 500 up 1.49%.

Long-term overview of Bitcoin

Currently, Bitcoin is recording four consecutive months in green, and to understand if August will be the fifth, it will be necessary to wait for the close to have a definitive confirmation. In the attached monthly chart, we can observe the contraction phase, which, compared to the ATH of August 14 at $124,517, is registering a decrease of about 6.30%.

Observing this chart, the uptrend phase that Bitcoin has been experiencing since the beginning of 2023 is clearly visible. If we look at the performance over the last 31 months, BTC shows a growth of 569%.

Physiological corrections and support levels

As mentioned, since the beginning of the year it has been significantly positive, so one should not be surprised by any corrections, and above all, there is still no reason for concern.

It sounds bad, but corrections, even just on a percentage level, remain plausible after strong rallies. In this graphical view, the first medium-term supports can be observed, referring to the vector between the April low and the current ATH. The first level is located in the area of $104,000-$105,000, while the most significant support is found at $99,500. Currently, lower supports below $100,000 are not yet a concern.

Weekly overview of Bitcoin

If there are no concerns in the long term, the scenario changes in the medium-short term. As can be seen from the attached weekly chart, the performance of BTC since the beginning of 2025 is shown, when it peaked in January at $109,590.

From that level, a correction phase began, even deep, which led to the April low at $74,500, from which the bullish leg up began, culminating in the new ATH at $124,517.

Focusing on the last part of the movement, it is clear that Bitcoin had entered a phase of congestion again after the ATH, until this week it also started the breakdown of the supportive dynamic trendline (light blue line).

Bitcoin exit for the weekly setup

Looking at the lower part of the chart, the weekly setup of the indicators emerges, which has exited the long entry from mid-April in the area of $93-$94,000. Daily scenario of Bitcoin.

Looking at the daily chart, the ongoing downtrend after the ATH is clearly noticeable. In terms of indicators, we have included the fast RSI set to 5 periods. For ten days it has been in a downtrend and until yesterday it was also about to enter the oversold area. Then the rise following Powell's speech.

Short-term resistance of BTC

Yesterday's movement showed once again strength from BTC. In this scenario, at the moment, to confirm this setup, the price must break the resistance at $118,200. Only with this breakout can Bitcoin also return to the primary long-term uptrend currently in place in the short term.

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