The daily chart shows bitcoin (BTC) retreating from a local peak of $124,517 after forming a potential double-top pattern. The latest candle is a bearish engulfing formation with increased volume, signaling strong selling pressure. The relative strength index (RSI) at 55.1 remains neutral, suggesting neither overbought nor oversold conditions, while the moving average convergence divergence (MACD) level at 1,224.5 signals a bullish phase. The daily structure favors caution, with a confirmed break below $117,000 potentially opening a path toward $113,000–$115,000. Conversely, a sustained reclaim of $119,500–$120,000 on high volume could reset bullish momentum.
BTC/USD 1-day chart via Bitstamp on Aug. 15, 2025.
The 4-hour bitcoin chart underscores a more immediate bearish bias. Lower highs have formed since the $124,517 top, with red volume spikes during sell-offs and weaker green volume on rebounds. Neutral readings from the Stochastic oscillator at 68.7 and the commodity channel index (CCI) at 57.9 indicate a lack of strong momentum, but positive signals from exponential moving averages (EMAs) and simple moving averages (SMAs) across all periods reflect longer-term trend support. Traders eye a reclaim of $120,000–$121,500 for a breakout scenario, while a failure to hold $119,500 may trigger renewed downside toward $116,000.
BTC/USD 4-hour chart via Bitstamp on Aug. 15, 2025.
On the hourly chart, bitcoin is ranging between $117,800 and $119,300 after a steep drop from $124,000. Volume remains subdued in the chop zone, implying market indecision. The momentum indicator at 5,055.0 signals a bullish opportunity, supporting potential for intraday reversals, while the Awesome oscillator at 2,431.5 is pretty much neutral, reflecting the lack of any dominant trend. Scalp traders may look to long near $117,800–$118,000 if volume confirms, or short from $119,300 if upside momentum fails.
BTC/USD 1-hour chart via Bitstamp on Aug. 15, 2025.
Moving averages (MAs) continue to lean bullish across all key timeframes. The exponential moving average (10) at $118,680.5 and the simple moving average (10) at $118,481.9 both support near-term buying, while the exponential moving average (200) at $102,562.0 and the simple moving average (200) at $100,151.8 maintain a strong long-term uptrend bias. This alignment of short- and long-term averages reinforces the broader bullish market structure, though short-term traders remain wary of a breakdown from current consolidation.
Overall, bitcoin’s short-term technical picture reflects a market at a crossroads between consolidation and potential breakout. Oscillators show mixed to neutral signals, while moving averages lean decisively bullish. Immediate levels to watch are $119,500–$120,000 on the upside for a breakout confirmation, and $117,000 on the downside for a possible shift into deeper retracement. Until a decisive move occurs, disciplined range trading with volume confirmation remains the prudent approach.
Bull Verdict:
If bitcoin can reclaim and hold above $120,000 with strong buying volume, the alignment of all major moving averages in buy territory supports a continuation toward $122,000–$124,000. Momentum indicators such as the moving average convergence divergence (MACD) and momentum remain in a bullish territory, suggesting the broader uptrend could resume if resistance is broken decisively.
Bear Verdict:
Failure to break and sustain above $119,500, combined with a daily close below $117,000, would validate the recent bearish engulfing pattern and potential double-top formation. In that case, downside targets between $113,000 and $115,000 come into focus, with declining volume on rebounds signaling weakening bullish participation.
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