Bitcoin Price Analysis: Will BTC Breakdown Below $111,919 Support Level?

Bitcoins price stands at $115,497 as of Aug. 19, 2025, positioning the asset within a $2.3 trillion market capitalization and a 24-hour trading volume of $37.47 billion. Over the past 24 hours, bitcoin traded within a narrow intraday range of $114,733 to $116,996, pointing to a consolidative phase after recent volatility.

Bitcoin

The daily chart reveals that bitcoin recently faced a sharp rejection at $124,517, forming a bearish engulfing pattern that initiated a sustained downward channel. This downturn culminated in a low at $111,919, which held as support but only yielded a weak bounce. Trading volume spiked at the top, indicating profit-taking and the onset of distribution. The overall market structure on the daily timeframe remains bearish, and the absence of a meaningful bullish reversal leaves the risk of a breakdown below $111,919 viable, with the next key support anticipated between $108,000 and $110,000.

On the 4-hour chart, bitcoin continues to trade within a descending triangle or bear flag formation following a steep drop from $124,517 to $114,442. The recovery attempt has lacked momentum, with the price consolidating beneath resistance at $117,500. The prevailing pattern of lower highs reinforces a bearish bias in the medium term. If bitcoin fails to reclaim the $117,500 level on increased volume, the probability of a further breakdown grows, particularly below the $114,500 level, which could reexpose the $112,000 support zone.

Short-term price action on the 1-hour bitcoin chart is characterized by a gradual climb from the $114,442 base, forming higher lows. However, the weakening volume on green candles signals diminished buy-side pressure. For intraday traders, a break above $116,000 could prompt a short-term bounce toward $117,000$117,500, potentially driven by a short squeeze. Conversely, a drop below $114,500 would likely accelerate downside momentum and negate the current recovery structure.

Oscillator readings largely reflect indecision, with the relative strength index (RSI) at 46, stochastic at 30, commodity channel index (CCI) at -43, and average directional index (ADX) at 20 all suggesting a neutral stance. However, more reactive indicators such as the Awesome oscillator at -279, momentum at -980, and the moving average convergence divergence (MACD) at 413 indicate a negative signal, reinforcing short-term bearish pressure. This divergence between lagging and leading indicators highlights market fragility and the potential for sudden directional shifts.

Moving averages (MAs) paint a mixed picture. Shorter-term indicators including the 10-day and 20-day exponential moving averages (EMA), and their corresponding simple moving averages (SMA) all register bearish signals with prices lagging behind key trend levels. Conversely, longer-term EMAs and SMAs from the 50-day to 200-day range suggest underlying bullish strength, especially with the 200-day EMA at $103,098 and SMA at $100,416 offering foundational support. The convergence of short-term weakness and long-term strength underlines the importance of watching key pivot levels for potential inflection.

Bull Verdict:

For bulls, bitcoin must reclaim and hold above $118,000 with strong volume to confirm a potential trend reversal. This would invalidate the descending pattern and signal renewed buying strength, potentially opening the path back toward $120,000 and beyond. Until then, bullish positions remain speculative and should be approached with disciplined risk management.

Bear Verdict:

From a bearish standpoint, the structure across all timeframes remains unfavorable for sustained upward momentum. A breakdown below $114,500 would likely trigger further selling, targeting the $112,000 zone with potential for a deeper decline toward $108,000. Without a decisive reversal pattern, the prevailing trend favors continued downside pressure.