$BTC #BTCUnbound

Bitcoin 1-Day Technical Analysis (August 9, 2025)

Current Price and Market Context

Bitcoin is trading around $113,901.39, down 2.24% intraday, with a market cap of approximately $2.26 trillion, per Barchart.com. The daily chart shows consolidation after a volatile week, with mixed signals between bearish patterns and bullish recovery attempts.

Key Technical Indicators (Daily Timeframe)

Trend and Patterns:

Bitcoin is forming a "W" pattern (double bottom) on the daily chart, indicating a potential corrective wave and accumulation phase, which could lead to a bullish move if confirmed.

A short line candle pattern has been noted, suggesting indecision in the market.

The price recently broke below a rising trend channel, signaling weaker short-term momentum, with a rectangle formation breakdown at $114,242 pointing to a potential drop to $110,386. However, a bullish retest of a descending channel breakout is also noted, suggesting a possible trend reversal if support holds.

Support and Resistance Levels:

Support: Key supports are at $112,700, $110,000, and $107,000. The daily pivot point is $113,457.2, with S1 at $112,450.5 and S2 at $111,652.3. A critical support zone is around $100,000 if selling pressure intensifies.

Resistance: Immediate resistance is at $114,255.5 (R1), $115,262.2 (R2), and $116,000–$116,500, aligning with recent highs and a descending trendline. A breakout above $116,000 could target $118,000–$120,000