{"id":42704,"date":"2025-08-18T12:17:11","date_gmt":"2025-08-18T12:17:11","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=42704"},"modified":"2025-08-18T12:17:11","modified_gmt":"2025-08-18T12:17:11","slug":"bitcoin-in-precarious-position-as-btc-price-penetrates-bullish-trendline","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=42704","title":{"rendered":"Bitcoin in Precarious Position as BTC Price Penetrates Bullish Trendline"},"content":{"rendered":"<div>\n<p><strong><em>This is a daily analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole.<\/em><\/strong><\/p>\n<p>Bitcoin (BTC) remains susceptible to further downside, having lost over 7% since hitting record highs above $124,000 on Thursday.<\/p>\n<h2>Bullish momentum fading<\/h2>\n<p>The weekly chart (candlestick format) shows that BTC&#8217;s ongoing decline follows repeated bull failure to secure a foothold above $122,056, the Fibonacci golden ratio. It also marked the inability to keep gains above the significant long-term resistance trendline that connects the bull market highs of 2017 and 2021.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/cdn.sanity.io\/images\/s3y3vcno\/production\/157e959e9953e15bc9c84e6f65a3b3de028bad14-2854x1342.png?auto=format\" alt=\"BTC's weekly chart. (TradingView\/CoinDesk)\" title=\"BTC's weekly chart. (TradingView\/CoinDesk)\"><\/p>\n<p>Additionally, the weekly stochastic oscillator has rolled over from the overbought zone above 80, signaling a potential correction ahead.<\/p>\n<h2>Daily chart<\/h2>\n<p>On the daily chart, BTC\u2019s latest candle has broken below the bullish trendline extending from April lows, following Friday\u2019s bearish outside-day candle that signaled a potential shift toward seller dominance.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/cdn.sanity.io\/images\/s3y3vcno\/production\/39409c52f4eb313a6814752673c9d3c0ff504356-2854x1342.png?auto=format\" alt=\"BTC's daily chart. (TradingView)\" title=\"BTC's daily chart. (TradingView)\"><\/p>\n<p>Together, these technical signals indicate an increasing downside risk for BTC in the near term, with a potential retest of $11,982, the point from which the market turned higher on Aug. 3. A violation of this level would shift focus tothe 200-day simple moving average at around $100,000. <\/p>\n<p>A potential reversal higher to above $118,600 (Sunday&#8217;s high) during the day ahead would weaken the bear case.<\/p>\n<ul>\n<li><strong>Resistance: <\/strong>$120,000, $122,056, $124,429.<\/li>\n<li><strong>Support: <\/strong>$111,982, $105,295 (the 31.8% Fib retracement of April-August rally), $100,000. <\/li>\n<\/ul>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>This is a daily analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole. Bitcoin (BTC) remains susceptible to further downside, having lost over 7% since hitting record highs above $124,000 on Thursday. Bullish momentum fading The weekly chart (candlestick format) shows that BTC&#8217;s ongoing decline follows repeated bull failure to secure a foothold above [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-42704","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/42704","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=42704"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/42704\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=42704"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=42704"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=42704"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}