Potential Bitcoin Price Dip: Approaching Breakthrough of Ascending Price Channel?
Bitcoin (BTC) Holds Key Support Levels Amid Bullish Market
In the cryptocurrency market, the key support levels for Bitcoin (BTC) are currently at $110,485 and $105,005, with the immediate support being around the $113,000 mark. As of August 10, 2025, the current Bitcoin price is listed at $113,614.
Technical analysis suggests that Bitcoin remains in a bullish short-term structure, trading within the range of roughly $115,700 to $122,100. The market shows a higher-lows pattern, indicating buyers are defending the mid-$115K support aggressively. Volume has eased off slightly, signaling a wait-and-see mode before a potential breakout.
The immediate resistance is at $116,000, with the next major resistance at $121,000. If BTC manages to break through these levels, it could lead to another test of new all-time highs. However, a decisive close above $118,000 could be a significant indicator of further upside.
On-chain metrics indicate sustained interest and liquidity at current levels, with the Bitcoin market capitalization standing at $2.35 trillion. The Bitcoin price has formed a strong support within a triangle pattern, suggesting the market may consolidate before making a decisive move.
It's important to note that the Bitcoin ETF has seen net outflows of $333 million in August, as per The SoSoValue chart. This could suggest that institutions are either realizing profits or waiting for a perfect entry. The Total Net Assets of Bitcoin ETFs have decreased from slightly below 155 billion to less than 148 billion.
The Bitcoin price experienced a strong bullish rebound around the $96,000 mark, but could not sustain itself past the $123,000 resistance. If the Bitcoin price drops further, the market may shift towards the bearish side.
In summary, the outlook based on combined technical indicators is bullish but cautious, with emphasis on watching the $115,700 support and $118,000 breakout as pivotal for near-term further upside or downside risk.
| Level Type | Price Level | Notes | |-----------------|-----------------|--------------------------------------------| | Key Support | $115,724 | Current strong support, mid-$115K zone defended | | Dynamic Support | $113,324 (50-day SMA) | Important moving average support | | Secondary Support | $108,983 (100-day SMA) | Next major support if $115,724 breaks | | Immediate Resistance | $116,000 | Close above invites retest of resistance | | Key Resistance | $122,077 | Capped multiple upside attempts | | Additional Resistances | $118,658 / $119,352 / $120,500 | Targets in bullish wave scenario |
- Investors eyeing the cryptocurrency market might find interest in Bitcoin's current $113,614 price, as it hovers around key support levels of $110,485 and $105,005, with the immediate support being $113,000.
- The Bitcoin ETF, despite seeing net outflows of $333 million in August, could potentially offer an entry point for institutions waiting for a favorable opportunity, as the Total Net Assets have decreased from slightly below 155 billion to less than 148 billion.
- With the bullish market structure of Bitcoin in mind, technological advancements in finance and investing continue to foster the growth of cryptocurrencies like Bitcoin, making it an appealing destination for investors seeking opportunities in the digital asset space.
