Technical analysis by ScottMelker about Symbol BTC on 8/14/2025

Bitcoin briefly set a new all-time high above $124,500 yesterday, but the breakout didn’t stick. Sellers stepped in quickly, pushing price back below the key resistance at $123,231 by the close. That rejection leaves us without confirmation of a sustained move into price discovery. The short-term support to watch is $122,000, with stronger backing at $115,051 – a level that aligns with the 50-day moving average. A daily close above $123,231 would reopen the door to $125,000+, but continued failure here could send BTC back toward $120,000 or even $115,000 for a retest. Momentum is still bullish overall, but yesterday’s wick signals that bulls may need to regroup before the next leg higher.