Bitcoin’s Price Drama: Will It Reach $123K or Crash Like Your Last Date?

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On the 10th of August, 2025, Bitcoin stood at $118,573, flaunting a market capitalization of $2.35 trillion. The trading volume for the day was a modest $31.06 billion, and the price danced between $116,494 and $118,639. Clearly, the market was in a tight little conundrum, waiting to see if it would break free or just lazily retrace its steps.

Bitcoin

The daily chart presents an intriguing picture, one in which Bitcoin has managed to recover from a particularly sharp dip, leaping from $112,000 to its current levels. The broader trend? A gentle, mid-range consolidation between the $112,000 support and the $123,000 resistance. As for the indicators, well, they’re all showing signs of neutrality: RSI at 59, Stochastic at 68, and CCI at 56. Even so, with momentum lingering at 2,855, there’s an underlying glimmer of buying interest. However, don’t get too carried away-the MACD’s sell signal at 528 still carries a note of caution, suggesting the market’s optimism might be a tad premature.

BTC/USD 1-day chart via Bitstamp on Aug. 10, 2025.

On the 4-hour chart, Bitcoin has, miraculously, formed a string of higher highs and higher lows since $112,660, with the latest surge propelling it to $118,760. This rise came courtesy of a strong green volume, suggesting that the bulls were eager, but a formidable resistance still lingers at $119,000. The ADX at 16? Well, it says the trend is rather weak, so traders are left waiting for either a breakout or a retracement. If you’re considering entering the fray, you might want to wait for a dip toward $117,000-just don’t get greedy when the price hovers near $119,000 unless the volume gives a resounding “go!”

BTC/USD 4-hour chart via Bitstamp on Aug. 10, 2025.

The 1-hour Bitcoin chart reveals a breakout from $116,350 to $118,760, followed by a series of sideways movements that look suspiciously like a pennant. In the world of technical analysis, that often means a continuation-if, of course, the buying volume is willing to cooperate. But beware, the awesome oscillator, at a paltry -237, is sitting there like the friend who always tells you “I told you so” when things don’t go as planned. And with momentum fading after the breakout, a consolidation phase may still be in the cards. Should the price decisively break above $118,800, it could be time for some quick scalping, but weak breakouts could send the market back toward the $117,000 mark.

BTC/USD 1-hour chart via Bitstamp on Aug. 10, 2025.

From a moving averages (MAs) perspective, things are looking rather cheerful for Bitcoin. All the major EMAs and SMAs, from the 10-period to the 200-period-yes, even the EMA (10) at $116,458, SMA (20) at $116,765, EMA (50) at $113,759, and SMA (200) at $99,740-are giving off nothing but positive signals. This, my dear friends, is the long-term bullish picture, despite the short-term oscillators doing their best to confuse us with their mixed signals.

In conclusion, Bitcoin’s price action is certainly leaning toward bullishness, though the ever-persistent overhead resistance is keeping things in check. The market remains firmly trapped in the $112,000 to $123,000 range, with the key point being the $119,000 level. A breakout above this could lead to a retest of $123,000, while failing to hold above $117,000 might just mean a retreat to the $116,000 support zone. Traders, it seems, are on edge, but the next surge of volume should determine whether we’re in for a breakout or just another frustrating delay.

Bull Verdict:

With all the major EMAs and SMAs aligned in a glorious bullish formation, coupled with the steady progression of higher highs and higher lows on the 4-hour chart, the case for a breakout toward $123,000 seems strong-provided the $119,000 resistance is cleared with impressive volume.

Bear Verdict:

Despite the seemingly positive setup, the ominous sell signal on the MACD, paired with neutral readings on the oscillators and dwindling volume post-breakout, leaves Bitcoin vulnerable to a pullback. If the resistance holds firm, expect a potential decline toward the $116,000-$117,000 zone.

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2025-08-10 16:58