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📉 Bitcoin Price Forecast: Consolidation Persists
07 Aug 2025
04 Aug 2025
Bitcoin (BTC) Price Forecast: Support at 50-Day EMA Holds Strong
Bitcoin recently broke below its consolidation level at $116,000 and experienced a nearly 3% decline over two days. However, the 50-day Exponential Moving Average (EMA), positioned at around $112,974, has proven to be a critical support level, coinciding closely with Bitcoin's previous all-time high of $111,980. This zone is now a key level to watch.
After testing this support on Sunday, Bitcoin recovered 1.48%, trading above $114,500 as of Monday morning.
Key Levels to Watch:
Support: $112,974 (50-day EMA)
Resistance: $116,000 (Previous consolidation level)
Recovery Potential: If Bitcoin holds above the 50-day EMA, it could push toward $116,000 again.
RSI Outlook:
The Relative Strength Index (RSI) is reading 47, showing that momentum is fading but still within a neutral range. A breakout above 50 on the RSI would signal strength for a recovery rally.
Correction Risk:
If Bitcoin faces a deeper correction, it could decline back to its 50-day EMA at $112,974. Keeping an eye on this key support will be crucial for traders looking to act quickly.
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