Bitcoin’s Current Consolidation Could End With a Leap Up

On August 9, the price of Bitcoin reached $117,304, with a market cap of $2,33 trillion. Over the past 24 hours, the cryptocurrency has seen $31,5 billion in trading volume, with an intraday range of $115,979 to $117,786, reflecting a relatively narrow range that highlights the current consolidation phase.

On the daily chart Bitcoin bounced off the pullback price, peaking near $123,236 and finding support in the $112,000 range. Resistance lies between $118,000 and $118,500, where selling pressure has repeatedly emerged. Sharp spikes in trading volume during the sell-off indicate that dips are attracting buyers, providing stability to the price level.

Short-term momentum turned bullish after breaking the mid-range at $117,000, before BTC price reversed. A solid close above $118,500 could open the door to higher levels, but a pullback from that area would lock Bitcoin into a tight range.

BTC/USD daily chart on Bitstamp 9 2025 of August

On the 4-hour chart Bitcoin has been on a steady rise since August 5, when it briefly reached $112,660. The formation of upper highs and upper lows indicates a healthy bullish structure, with $116,000 serving as a critical support level. The pullbacks from $118,000 to $118,200 indicate that sellers remain active, but buying momentum on pullbacks remains.

Volume on this time frame supports the accumulation thesis, and short-term sentiment remains positive unless the price closes significantly below $116,000. Traders may see strategic entry opportunities near this support zone, aiming for short-term targets just below the key resistance level.

4-hour chart of BTC/USD on Bitstamp 9 2025 of August

The Bitcoin hourly chart shows a more subdued dynamic, with BTC trading sideways but slightly up. The recent surge to $117,929 has been met with a quick rebound, solidifying the ceiling at $118,000. Micro-support has formed between $116,800 and $117,000, with low volume suggesting market indecision at these levels.

Price action appears to be range-bound, favouring short-term scalping strategies that involve entry at support and exit at resistance. A confirmed break above $118,000 could provide the needed momentum for the upside, while a breakout could lead to a retest of the lower support zones on the hourly chart.

BTC/USD Hourly Chart Bitstamp 9 2025 of August

Oscillators are showing mostly neutral dynamics. The Relative Strength Index (RSI) is 56, the Stochastic is 66, and the Commodity Channel Index (CCI) is 23. All these values are neutral. The Average Directional Index (ADX) at 16 also indicates a lack of strong trend momentum.

The Awesome Oscillator is slightly negative at -721 but neutral in direction, while momentum at -538 is bullish. The MACD at 411 is bearish, indicating ambiguity in short-term momentum and trend continuation.

The moving averages (MA) are overwhelmingly bullish. The Exponential Moving Average (EMA) 10 at $116,127 and the Simple Moving Average (SMA) 10 at $115,144 are positive, as are the EMA 20 at $116,029, the SMA 20 at $116,747, and the EMA 30 at $115,436.

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