Technical analysis by ScottMelker about Symbol BTC on 8/4/2025

Bitcoin is putting in a textbook retest here. Price bounced cleanly off support at $112,000 – a key horizontal level that also lines up perfectly with the rising 50-day moving average. That’s classic technical behavior. The bounce looks good on the surface, but it came on low weekend volume, which always warrants a bit of caution. There’s not much conviction behind the move yet. Looking under the hood, the RSI still hasn’t reached oversold levels, even after a pretty sharp drop from the highs. That’s notable, especially since we saw a clear bearish divergence at the top – price made a higher high, but RSI made a lower high, signaling momentum was already fading. Until we get a stronger reaction and volume pickup, this might just be a pause before another leg down.