Bitcoin Technical Analysis Indicates Possible Short-Term Correction Before Resumption of Bullish Trend

Hello Francesco, here's my technical analysis of Bitcoin for today, August 7, 2025, with meticulous precision. The current Bitcoin price is approximately $114,743 USD. On a technical level, I've identified a bullish flag pattern on higher timeframes, though there's intraday downside pressure. The RSI on the 4-hour chart is around 48, leaning towards oversold conditions. The MACD shows a subtle bearish crossover, suggesting a possible corrective move. Additionally, decreasing volume indicates a lack of conviction in recent price movements. Key support levels are at $113,000, which is an immediate critical zone; $110,000, a strong psychological level; and $95,000, which might only come into play if panic selling ensues. On the resistance side, notable levels include $116,800, likely to trigger liquidations; $119,000, which needs to be broken to confirm bullish momentum; and above that, $120,000+ signaling the next rally phase if bullish traders regain strength. Overall market sentiment remains mixed, with a slight bearish bias on shorter timeframes, yet the broader bullish structure remains intact. For traders, intraday caution is advised—be wary of false breakouts—making controlled scalping a prudent approach. For swing traders, a daily close above $116,800 would be a strong confirmation to re-enter bullish momentum. As always, Francesco, stay calm, define your levels clearly, and avoid FOMO. Beware of potential bearish traps lurking in the market.