Altcoins
Altcoins Bitcoin’s Unimpressive Bounce Fails to Diminish Downside Risk; Support Around $112K
Altcoins Bitcoin bulls are struggling to establish a low around $113,000, with weak price and volume performance.
Updated Aug 20, 2025, 2:52 p.m. Published Aug 20, 2025, 12:18 p.m.
This is a daily analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole.
Bitcoin
bulls are attempting to establish an interim low around $113,000, but the effort appears weak in terms of both price and volume. So far, the bounce has been barely notable, with upside capped above $114,000. Additionally, volumes have stayed low relative to what we observed during the early Tuesday drop, as seen on the hourly chart.
The weak bounce is consistent with bearish momentum signals, as the 50-, 100-, and 200-hour simple moving averages (SMAs) are aligned in descending order and trending downward.
On the daily chart, prices have convincingly broken below the rising trendline support, signaling a shift from bullish to bearish momentum. Both the longer-term MACD histogram (50,100,9) and the more commonly used MACD (12,26,0) are showing increasing negative momentum, with deeper bars below the zero line.
Therefore, the odds appear to be stacked in favor of a continued move lower. The first level of support is $11,982, from which the market turned higher on Aug. 3. The 100-day SMA is seen at $11,053. If these levels are taken out, the focus would shift to the 200-day SMA at $100,484.
A convincing move above the 50-day SMA at $116,033 would negate the bearish outlook.
- Resistance: $116,033, $120,000, $122,056.
- Support: $111,982, $110,053, $100,484.
Read more: Markets Today: Bitcoin, Ether Recover From Lows Before FOMC Minutes
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor and analyst on CoinDesk’s Markets team. He has been covering crypto options and futures, as well as macro and cross-asset activity, since 2019, leveraging his prior experience in directional and non-directional derivative strategies at brokerage firms. His extensive background also encompasses the FX markets, having served as a fundamental analyst at currency and commodities desks for Mumbai-based brokerages and FXStreet. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
Omkar holds a Master’s degree in Finance and a Chartered Market Technician (CMT) designation.
AI Boost
“AI Boost” indicates a generative text tool, typically an AI chatbot, contributed to the article. In each and every case, the article was edited, fact-checked and published by a human. Read more about CoinDesk’s AI Policy.
More For You
DBS Launches Tokenized Structured Notes on Ethereum, Expanding Investor Access
The launch builds on Singapore’s Project Guardian tokenization pilots, with DBS moving from permissioned blockchains to Ethereum’s public network as banks test how tokenized assets will scale across global markets.
What to know:
- DBS Bank is offering tokenized structured notes on the Ethereum blockchain, expanding access to complex financial products.
- The bank’s new crypto-linked participation note pays out in cash when digital asset prices rise, while limiting downside exposure.
- By tokenizing notes into $1,000 units, DBS makes them fungible and easier to trade, appealing to family offices and professional investors.
