BTCUSD Market Analysis- August 7
Bitcoin resumes its upward trajectory as bullish momentum builds, with price action targeting a breakout above the $122,200 resistance level and setting sights on the $134,000 mark.
Bitcoin (BTCUSD) Key Levels
Support Levels: $111,500.00, $98,000.00
Resistance Levels: $122,200.00, $134,000.00
BTCUSD Long-Term Trend: Bullish
Bitcoin has officially exited its previous bearish cycle, marking the beginning of a bullish trend from April 2025. Over the following months, price action showed a steady upward trajectory, establishing a bullish trend line that has continued to guide the market’s direction.
By mid-July 2025, Bitcoin reached a key supply zone around the $122,200 level, where it encountered a temporary bearish retracement. This correction persisted until early August, during which price retested the established bullish trend line and found support.
This rebound from the trend line support signals a potential continuation of the bullish trend. With price now approaching the $122,200 resistance level once again, bullish momentum is building with expectations of a breakout. Should price breach this level, projections point toward a rally extending to the $134,000 zone, where it is likely to encounter the daily trend line resistance.
BTCUSD Medium-Term Trend: Bullish
On the 4-hour chart, Bitcoin presents a clear bullish market structure in alignment with the daily trend. Recent price action shows a strong reaction from the trend line support, confirming a structural shift to the upside.
Additionally, the price has filled the 4-hour Fair Value Gap (FVG), a move that typically precedes further directional expansion. The 4-hour Moving Average further reinforces the bullish sentiment, with price currently trading above the indicator—adding technical confluence to the anticipated bullish continuation.
With both timeframes in agreement, Bitcoin appears poised for a significant bullish breakout in the sessions ahead.
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