Bitcoin's price today is around $115,100, having slightly rebounded after falling to the support level of $112,000 earlier this week. This rebound coincides with BTC breaking out of a downward channel on the 4-hour chart, but the upward potential is still limited by the resistance level near $116,000. Traders are trying to determine whether this rebound marks the beginning of a larger reversal or is merely a short-term rise.
What is the price of Bitcoin?
Bitcoin fell from $123,700 to $111,700 on the 4-hour chart, then broke upward. The price action suggests that the $116,200 resistance level is being tested again, which aligns with the 38.2% Fibonacci retracement level at $116,289. Subsequently, Bitcoin's price retreated and remained slightly above the range of $114,500 to $115,000.
The Money Flow Index (MFI) is close to 57, indicating liquidity balance. The RSI in shorter time frames ranges between 42 and 45, suggesting that the market is in a neutral to slightly bearish state. This indicates that after last week's decline, market momentum is starting to stabilize.
On the daily chart, Smart Money Concepts highlights a structural breakout around $112,000, where demand absorbed the selling pressure. However, the recurring characteristic changes (CHoCH) signals near $120,000 indicate that this area has become a stubborn upper limit for the bulls.
Why did Bitcoin's price drop today?
The reasons for Bitcoin's price drop today stem from resistance pressure and derivatives inflow. After a significant intraday surge, BTC failed to hold above $116,000, with bears re-entering the market at the 0.382 Fibonacci zone.
The Directional Movement Index (DMI) indicates that the ADX is rising, while -DI remains above +DI, confirming that the downward momentum is still strong. Similarly, the supertrend resistance near $115,800 has not turned bullish, which exacerbates selling pressure.
The spot fund flow data also confirms this view. On August 23, the total net outflow reached $108.82 million, indicating that funds are flowing out of exchanges. This supports the idea that short-term traders are taking profits as BTC's price approaches resistance levels.
Bitcoin price indicators show range-bound fluctuations.
The volume-weighted average price (VWAP) on the 30-minute chart shows that BTC is currently slightly below the daily average price of $115,270, with fluctuation range consolidating sideways. The RSI has retreated from overbought levels and currently shows 42.14; if buyers maintain $114,500, there is still room for another rebound.
Meanwhile, the EMAs remain closely clustered. The 20 and 50 EMAs are slightly below $115,400, while the 100 and 200 EMAs hover around $115,900 to $116,100. This clustering reinforces the immediate resistance level in the $115,800 to $116,200 area. Only a thorough breakout of this area can unlock upward potential, with the final targets pointing to $117,700 and $119,200. After the breakout, the Bollinger Bands may retract significantly, indicating that Bitcoin price fluctuations may intensify in the next 24 hours as the market decides its direction.
BTC Price Prediction: Short-term Outlook (24 hours)
In the short term, Bitcoin's price is consolidating between the support level of $114,500 and the resistance level of $116,200. If buyers reclaim $116,200 with confirmed volume, the next upward targets will be $117,700 and $121,100, which aligns with the Fibonacci retracement levels.
On the downside, if $114,500 is not maintained, BTC may face risks around $113,000, followed by a strong demand base near $111,700. Given that indicators are neutral and there is significant outflow pressure, BTC is likely to remain in range-bound fluctuations with slight downside risks unless it breaks through $116,200.
Bitcoin Price Prediction Table: August 24, 2025
