‎Bitcoin Holds Bullish Structure Despite Short-Term Correction

‎BTCUSD Market Analysis- August 17

‎Bitcoin holds onto its bullish market structure despite recent pullbacks, as buyers continue to defend key demand zones while short-term pressure signals caution.

‎Bitcoin (BTCUSD) Key Levels

‎Support Levels: $113,800.00, $107,200.00
‎Resistance Levels: $122,300.00, $129,500.00

‎BTCUSD Long-Term Trend: Bullish

‎Bitcoin recently demonstrated renewed buyer strength as price broke structure to the upside. In June 2025, the market formed a significant low which laid the foundation for the current bullish trend. From there, price pushed higher but met resistance at the $122,300 supply level, causing a temporary pause in upward momentum.
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‎The rejection at $122,300 triggered a decline to the $113,800 demand zone, where strong bullish activity emerged. Buyers quickly regained control, leading to a decisive bullish candle close above the $122,300 level. This breakout signaled continuation of the bullish structure and reaffirmed buyer dominance in the market.
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‎However, instead of sustaining the breakout, price action produced a bearish engulfing pattern, reflecting short-term selling pressure. Despite this development, the broader market outlook remains bullish as long as Bitcoin trades above the $113,800 demand level, which serves as the critical threshold for sustaining the long-term uptrend.

‎BTCUSD Medium-Term Trend: Bearish

‎On the medium-term chart, Bitcoin has shifted into a corrective phase. The break below its bullish trend line indicates growing bearish sentiment, with price currently struggling to recover momentum.
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‎Technical indicators also support this short-term bearish outlook. On the 4-hour timeframe, Bitcoin is trading below the Moving Average while the Relative Strength Index trends lower, highlighting weakening momentum. This suggests continued downside pressure in the near term, although the broader bias remains bullish above key demand zones.

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