Technical analysis by ScottMelker about Symbol BTC on 8/21/2025

Bitcoin has pulled back after failing to break cleanly above resistance at 123,231. That rejection, marked by the long wick on the recent candle, signaled strong selling pressure near the highs. Since then, price has retraced sharply and is now testing the key support zone around 112,000. The 50-day moving average (blue line) was lost during the decline, showing weakening short-term momentum. If bulls cannot defend the 112k level, the next clear support lies closer to 100,703, which also aligns with the longer-term volume and trend structure. On the upside, buyers need to reclaim 114k–116k to re-establish momentum and challenge the highs again. For now, the market remains in a range between 112k support and 123k resistance, with no clear breakout direction. Until price resolves this consolidation, expect continued choppiness and failed moves in either direction to set the tone.