Bitcoin\u2019s price made a new record high just above the $124K mark a few days ago, before printing two consecutive bearish daily candles and dropping back to a key area. Investors are now carefully monitoring the market to find any early signs of reversal.<\/p>\n
By ShayanMarkets<\/p>\n
On the daily chart, Bitcoin is once again testing the lower boundary of its long-term ascending channel, raising the possibility of a downside breakout after months of holding within the structure. Should the breakdown materialize, the $110K region, backed by the nearby 100-day moving average, could serve as a strong support area.<\/p>\n
Conversely, if the channel manages to contain the price, the bullish momentum may continue, paving the way for new highs toward $130K and potentially further. <\/a><\/p>\n On the 4-hour timeframe, BTC recently attempted a breakout above the $123K resistance but quickly failed to sustain it, resulting in a sharp decline that also broke the short-term trendline built over the past few weeks. This rejection signals weakness at the highs and has shifted the market\u2019s short-term structure.<\/p>\n At the moment, the $116K area stands out as the key support that could trigger another bounce. If this level gives way, however, a deeper drop toward the $111K region becomes increasingly likely. With the RSI recovering after dipping below 50, the price action suggests a possible retest of $116K before confirming the next move. Whether this support holds or breaks will set the tone for Bitcoin\u2019s short-term trend.<\/a><\/p>\n This chart shows Bitcoin\u2019s Short-Term Holder SOPR with its 30-day EMA compared to price. SOPR above 1 means short-term holders are selling at a profit, while below 1 signals selling at a loss.<\/p>\n During rallies like early 2023, SOPR stayed above 1, confirming profit-taking. In contrast, dips below 1 mark short-term capitulation during corrections. Now, with Bitcoin around $118K and SOPR hovering above 1, short-term holders are taking profits.<\/p>\n However, the magnitude of the profit taking has been declining during the recent price highs since the beginning of 2024. This observation is evident as there is a clear divergence between the price highs and STH-SOPR highs. With the profit margins shrinking for the short-term holders, the market might soon be in trouble, as this can be one of the early signs of reversal.<\/a><\/p>\n The post Bitcoin Price Analysis: BTC Tests Crucial Support After Latest ATH<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Bitcoin\u2019s price made a new record high just above the $124K mark a few days ago, before printing two consecutive bearish daily candles and dropping back to a key area. Investors are now carefully monitoring the market to find any early signs of reversal. By ShayanMarkets The Daily Chart On the daily chart, Bitcoin is […]<\/p>\n","protected":false},"author":0,"featured_media":89090,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-89089","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/89089"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=89089"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/89089\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/89090"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=89089"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=89089"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=89089"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}The 4-Hour Chart<\/h2>\n
On-chain Analysis<\/h2>\n
Bitcoin Open Interest<\/h3>\n
![<\/a><\/p>\nThe 4-Hour Chart<\/h2>\nOn the 4-hour timeframe, BTC recently attempted a breakout above the $123K resistance but quickly failed to sustain it, resulting in a sharp decline that also broke the short-term trendline built over the past few weeks. This rejection signals weakness at the highs and has shifted the market\u2019s short-term structure.<\/p>\nAt the moment, the $116K area stands out as the key support that could trigger another bounce. If this level gives way, however, a deeper drop toward the $111K region becomes increasingly likely. With the RSI recovering after dipping below 50, the price action suggests a possible retest of $116K before confirming the next move. Whether this support holds or breaks will set the tone for Bitcoin\u2019s short-term trend.<\/a><\/p>\nOn-chain Analysis<\/h2>\nBitcoin Open Interest<\/h3>\nThis chart shows Bitcoin\u2019s Short-Term Holder SOPR with its 30-day EMA compared to price. SOPR above 1 means short-term holders are selling at a profit, while below 1 signals selling at a loss.<\/p>\nDuring rallies like early 2023, SOPR stayed above 1, confirming profit-taking. In contrast, dips below 1 mark short-term capitulation during corrections. Now, with Bitcoin around $118K and SOPR hovering above 1, short-term holders are taking profits.<\/p>\nHowever, the magnitude of the profit taking has been declining during the recent price highs since the beginning of 2024. This observation is evident as there is a clear divergence between the price highs and STH-SOPR highs. With the profit margins shrinking for the short-term holders, the market might soon be in trouble, as this can be one of the early signs of reversal.<\/a><\/p>\nThe post Bitcoin Price Analysis: BTC Tests Crucial Support After Latest ATH<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Bitcoin\u2019s price made a new record high just above the $124K mark a few days ago, before printing two consecutive bearish daily candles and dropping back to a key area. Investors are now carefully monitoring the market to find any early signs of reversal. By ShayanMarkets The Daily Chart On the daily chart, Bitcoin is […]<\/p>\n","protected":false},"author":0,"featured_media":89090,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-89089","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/89089"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=89089"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/89089\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/89090"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=89089"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=89089"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=89089"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"http:\/\/cryptopotato.com\/wp-content\/uploads\/2025\/08\/BTD-Daily-scaled.jpg\"){kind=link}
![<\/a><\/p>\nOn-chain Analysis<\/h2>\nBitcoin Open Interest<\/h3>\nThis chart shows Bitcoin\u2019s Short-Term Holder SOPR with its 30-day EMA compared to price. SOPR above 1 means short-term holders are selling at a profit, while below 1 signals selling at a loss.<\/p>\nDuring rallies like early 2023, SOPR stayed above 1, confirming profit-taking. In contrast, dips below 1 mark short-term capitulation during corrections. Now, with Bitcoin around $118K and SOPR hovering above 1, short-term holders are taking profits.<\/p>\nHowever, the magnitude of the profit taking has been declining during the recent price highs since the beginning of 2024. This observation is evident as there is a clear divergence between the price highs and STH-SOPR highs. With the profit margins shrinking for the short-term holders, the market might soon be in trouble, as this can be one of the early signs of reversal.<\/a><\/p>\nThe post Bitcoin Price Analysis: BTC Tests Crucial Support After Latest ATH<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Bitcoin\u2019s price made a new record high just above the $124K mark a few days ago, before printing two consecutive bearish daily candles and dropping back to a key area. Investors are now carefully monitoring the market to find any early signs of reversal. By ShayanMarkets The Daily Chart On the daily chart, Bitcoin is […]<\/p>\n","protected":false},"author":0,"featured_media":89090,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-89089","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/89089"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=89089"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/89089\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/89090"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=89089"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=89089"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=89089"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"http:\/\/cryptopotato.com\/wp-content\/uploads\/2025\/08\/BTC-4H-7-scaled.jpg\"){kind=link}
![<\/a><\/p>\nThe post Bitcoin Price Analysis: BTC Tests Crucial Support After Latest ATH<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Bitcoin\u2019s price made a new record high just above the $124K mark a few days ago, before printing two consecutive bearish daily candles and dropping back to a key area. Investors are now carefully monitoring the market to find any early signs of reversal. By ShayanMarkets The Daily Chart On the daily chart, Bitcoin is […]<\/p>\n","protected":false},"author":0,"featured_media":89090,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-89089","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/89089"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=89089"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/89089\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/89090"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=89089"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=89089"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=89089"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"http:\/\/cryptopotato.com\/wp-content\/uploads\/2025\/08\/Bitcoin-Short-Term-Holder-SOPR-scaled.jpg\"){kind=link}