$BTC August 24, using the daily chart, Bitcoin shows a bearish tone with clear signs of distribution.

A double top around $124,000, followed by a break below the $117,000 support, signals a shift in dynamics.

The recent bounce from $111,658 failed to reclaim previous highs, indicating weakening bullish strength. Volume analysis confirms this weakness: strong selling pressure on red candles and a lack of confidence during bounces.

For traders, the key reversal zone remains above the $117,000 level, while a break below $111,658 could trigger further declines.

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The 4-hour Bitcoin chart indicates a failed recovery attempt. A sharp spike from $111,658 to $117,421 suggests a short squeeze; however, the lack of sustainable continuation has led to the formation of a bearish flag.

Further price movement has been downward, with a sequence of lower highs—a classic sign of weakening momentum.

A spike in volume during the recovery phase indicates panic buying rather than accumulation. Short positions may be considered if Bitcoin breaks below the $114,000–$114,500 support zone, potentially returning to or breaching $111,658.

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On the hourly chart, Bitcoin is stuck in a narrow trading range with resistance at $115,000.

Price action is characterized by narrow candles and declining volume, indicating an accumulation phase. This sideways movement reflects the market's anticipation of a decisive catalyst.

A breakout above $115,500, accompanied by volume, could trigger a short-term move to $116,500.

Conversely, rejection at current levels, especially if selling volume increases, could push prices back down to $114,000 or lower.

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Bulls' Verdict:

If Bitcoin can confidently break above the $117,000 level with accompanying volume, the technical landscape may shift in favor of the bulls. Until then, the upward momentum remains speculative, but long-term moving averages indicate structural support for a new rally.

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Bears' Verdict:

With price movement stalling below key resistance and multiple indicators pointing to weakness, bears continue to maintain the upper hand. A break below $114,000, especially with increased volume, could accelerate losses to the $111,000 zone and potentially down to $105,000.