Bitcoin traded near $77,000 on the week, having recovered from an intraweek dip below $76,500 that marked the first break of that support level since August 23. The pullback followed renewed US-Iran tensions that rattled markets earlier in the week, leaving traders divided on what comes next.
The cryptocurrency traded between $76,300 and $77,800 over the previous 24 hours, down nearly 2% for the week but up almost 22% for the month.
Technical Disagreement on Direction
Analyst NoName pointed to a CME futures gap at $83,000 as a critical level that will determine Bitcoin's next move. A daily close above $83,000 backed by real spot volume would confirm a new uptrend, according to NoName's analysis. Without it, the recent bounce would represent merely a retest of old supply rather than the start of a sustained rally.
In NoName's downside scenario, if $83,000 rejects and $74,000 fails to hold, Bitcoin could face a drop toward $50,000 to $55,000 before finding a bottom.
Not all analysts agree. Doctor Profit dismissed calls for further declines, stating that the bear market has ended. Sykodelic took a longer view, citing the monthly candle structure and pointing to a bullish signal on the DSS Bressert indicator alongside a flattening MACD as evidence the setup remains constructive. He emphasized that the monthly close held above $76,400, a level he had flagged as the boundary between confirming a reversal and negating it.
August Performance and Year-to-Date Standing
Bitcoin closed August up nearly 25%, marking the first green August during a bear market stretch comparable to 2014, 2018, and 2022, when the asset fell between 9% and 18% during the same month of each cycle. August 2024 was also Bitcoin's best August since 2017, when the month closed up more than 65%.
The third quarter is up close to 33% with one month remaining. Despite this quarterly strength, Bitcoin remains down nearly 30% for the year and more than 38% below its October 2024 peak of over $126,000. Bitcoin dominance stood above 57%.
