Technical analysis by ScottMelker about Symbol BTC on 8/5/2025

Bitcoin pushed as high as $123,000 after breaking out of its $105,800–$112,000 range in early July – but momentum has since cooled. Price is now consolidating just above the $112,000 breakout zone, with the rising 50‑day MA providing support around $113,000. So far, this still looks like a healthy pullback. Volume has faded on the way down – not what you'd expect in true distribution. As long as $112,000 holds, the higher‑low structure remains intact and the chart stays bullish. A bounce here keeps the trend alive and sets up another attempt at $123,000. A daily close below $112,000 flips the script short term, likely sending price back toward $105,700. Until then, it’s just consolidation after a strong move – not a breakdown. The trend is still your friend.