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Analyst: Bitcoin Pulls Back to Pre-Powell Speech Levels, Technical Outlook Favors Bearish Trend
By: theblockbeats.news|2025/08/25 18:02:13
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BlockBeats News, August 25, CoinDesk analyst and Chartered Market Technician Omkar Godbole stated that the price of Bitcoin (BTC) has retraced to around $112,000, close to the level before Federal Reserve Chair Powell's dovish comments last Friday, with last week's high reaching $117,440.
The daily chart shows that Bitcoin has formed a "lower high" near the uptrend line extended from the April low, confirming a break of the previous trendline, implying that the bearish trend may continue. The Guppy Multiple Moving Average short-term average is about to cross below the long-term average, also indicating increased bearish momentum.
The key support level for Bitcoin is at $110,756, with further support near the 200-day moving average around $100,000. To restore the bullish outlook, the price needs to return to above last Friday's high of $117,440.
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