Bitcoin’s Tepid Recovery Does Little to Ease Concerns Over Further Declines

Bitcoin Bounce Stalls as Price Fails to Reclaim Key Levels

BTC
$113,141.16

Bitcoin’s recent attempt to form a short-term bottom near $113,000 is faltering, with weak follow-through on both price and volume. Despite a brief rebound attempt, BTC remains capped below $114,000, and trading activity has failed to match the intensity seen during Tuesday’s earlier drop.

Technical indicators paint a cautious picture. On the hourly chart, the 50-, 100-, and 200-hour moving averages are all aligned in a bearish downtrend, reinforcing the downside bias.

On the daily timeframe, BTC has broken decisively below a key rising trendline, suggesting that bullish momentum has reversed. Both the standard MACD (12,26,0) and the longer-term MACD histogram (50,100,9) are showing increased negative momentum, with deeper bars below the zero line.

Support levels to watch include $111,982—a key pivot from the August 3 reversal—and the 100-day SMA at $110,053. A failure to hold those could expose the 200-day SMA near $100,484.

A meaningful recovery would require a clean break above the 50-day SMA at $116,033, which could open the door to upside targets at $120,000 and $122,056.

Technical Summary:

• Resistance: $116,033, $120,000, $122,056
• Support: $111,982, $110,053, $100,484

While bulls are attempting to stabilize the market, current price action suggests that further downside risk remains firmly in play.