{"id":43160,"date":"2025-08-20T13:16:48","date_gmt":"2025-08-20T13:16:48","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=43160"},"modified":"2025-08-20T13:16:48","modified_gmt":"2025-08-20T13:16:48","slug":"bitcoins-unimpressive-bounce-fails-to-diminish-downside-risk-support-around-112k","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=43160","title":{"rendered":"Bitcoin’s Unimpressive Bounce Fails to Diminish Downside Risk; Support Around $112K"},"content":{"rendered":"
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This is a daily analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole.<\/em><\/strong><\/p>\n

Bitcoin (BTC) bulls are attempting to establish an interim low around $113,000, but the effort appears weak in terms of both price and volume. So far, the bounce has been barely notable, with upside capped above $114,000. Additionally, volumes have stayed low relative to what we observed during the early Tuesday drop, as seen on the hourly chart.<\/p>\n

\"BTC's<\/p>\n

The weak bounce is consistent with bearish momentum signals, as the 50-, 100-, and 200-hour simple moving averages (SMAs) are aligned in descending order and trending downward.<\/p>\n

On the daily chart, prices have convincingly broken below the rising trendline support, signaling a shift from bullish to bearish momentum. Both the longer-term MACD histogram (50,100,9) and the more commonly used MACD (12,26,0) are showing increasing negative momentum,\u00a0with deeper bars below the zero line.<\/p>\n

\"BTC's<\/p>\n

Therefore, the odds appear to be stacked in favor of a continued move lower. The first level of support is $11,982, from which the market turned higher on Aug. 3. The 100-day SMA is seen at $11,053. If these levels are taken out, the focus would shift to the 200-day SMA at $100,484.<\/p>\n

A convincing move above the 50-day SMA at $116,033 would negate the bearish outlook.<\/p>\n