BTCUSD Market Analysis – August 3
Bitcoin faces short-term bearish pressure while maintaining its long-term bullish structure, as price retraces toward a key support zone that may determine the next major move.
Bitcoin (BTCUSD) Key Levels
Support Levels: $103,500.00, $93,400.00
Resistance Levels: $114,800.00, $127,800.00
BTCUSD Long-Term Trend: Bullish
Since April 2025, Bitcoin has maintained a strong bullish trend, successfully breaking past the $103,500 resistance level and entering a higher price range. The momentum carried price toward the $122,800 supply level, where it faced immediate rejection, signaling the start of a bearish retracement.
This retracement has pulled price back toward a significant daily order block. Notably, this zone aligns with the 0.618 Fibonacci retracement level—an area known to act as a strong reversal point during corrections. This confluence increases the likelihood of a potential bullish rebound from this region.
Additionally, the daily Relative Strength Index (RSI) shows a decline in momentum, reinforcing the ongoing bearish pressure. However, a strong bullish reaction is anticipated once price fully tests the daily order block, potentially reigniting the broader bullish trend.
BTCUSD Medium-Term Trend: Bearish
On the medium-term (4-hour) chart, a new lower low has formed, confirming the short-term bearish structure. As price continues to descend toward the daily order block, the 4-hour RSI indicates that Bitcoin is entering oversold territory—suggesting a possible bullish bounce in the near term.
This anticipated bullish move is likely to be corrective and may aim to fill the nearby 4-hour Fair Value Gap before price continues its path to the daily order block. For a sustained bullish continuation, however, price may need to briefly dip below the current order block zone to collect liquidity before making a stronger move to the upside.
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