BITCOIN H4 Timeframe 
Based on the BITCOIN chart on the H4 timeframe, the current price movement shows that the market is in a consolidation phase after a fairly strong rally that pushed price to a peak around 66,982. After printing that high, selling pressure began to increase, causing price to move down and now consolidate around the blue 100-period Moving Average (MA 100) and the red 200-period Moving Average (MA 200). Price moving around these two indicators indicates that the market is seeking a new equilibrium after relatively high volatility in recent weeks. Although bullish momentum has started to weaken, the medium-term trend structure has not completely turned bearish because price is still holding above key support areas. From the moving average indicator side, the MA 100, which was previously far below price, has now started to flatten and is very close to the MA 200. The two moving averages are even almost overlapping, reflecting that the strength of the uptrend is starting to diminish. This condition generally indicates that the market is entering a transition phase, where the next direction will be largely determined by the price’s ability to hold the support area or break the nearest resistance. As long as price continues to move around these two moving averages, the potential for sideways movement will remain quite high. The price structure in recent weeks still shows a higher low pattern compared to the late June low, so the medium-term uptrend has not actually been completely damaged. However, after failing to maintain its position above the 65,721 area and experiencing a fairly sharp correction, Bitcoin began to lose bullish momentum. This correction has not yet been followed by the formation of a significant lower low, so the current selling pressure can still be categorized as a healthy correction phase within the larger trend. This is also supported by the fact that price is still moving above the main horizontal support. The nearest horizontal resistance is in the 64,278 area, which is currently an important zone because it coincides with the price position and both moving averages. This level is the initial barrier that must be broken for bullish momentum to redevelop. If price is able to close consistently above this area, the probability of a rise toward the next resistance will increase. The next resistance is at 65,721, which has previously acted several times as a price reversal point. This area has fairly strong validity because it previously acted as support before finally being broken to the downside. In technical analysis, a support level that has been broken often changes its role to resistance when price retests it. Therefore, the 65,721 area is expected to be the main challenge for buyers if price manages to break out of the current consolidation phase. The following resistance is around 65,988, which is the distribution area before price declined. A breakout above this level will show that buying pressure is starting to dominate the market again. Next, there is major resistance at 66,982, which is the highest peak on the H4 chart. A valid breakout above this area will confirm the continuation of the bullish trend and open the door for Bitcoin to print new highs. On the support side, the first area to watch is at 63,244. This level has acted several times as a bounce point, giving it an important function as horizontal support. As long as price can hold above this area, the probability of a rebound remains quite high. A positive reaction from this level will indicate that buyers are still maintaining control over the medium-term trend. The next support is around 61,799, which is an important area formed by a previous swing low. If selling pressure increases enough to break 63,244, then this area becomes the next correction target. A break below 61,799 will damage the higher low structure that has formed since early July and increase the risk of a trend change to bearish. Stronger support lies around 59,597, which is the base area of the previous recovery phase. This level is important because it was the initial foundation for the uptrend that has formed in recent weeks. If price falls and breaks below this area, market sentiment is expected to turn negative. The last visible support on the chart is around 57,809, which is the main stronghold for the medium-term trend. A break of this level will confirm a change in market structure to bearish and open the potential for a deeper correction. The relationship between the MA 100 and MA 200 also deserves attention at this time. Both indicators are moving very close to each other and tend to flatten, indicating that the market is losing clear direction. There is no clear golden cross or death cross signal yet, so confirmation of direction still has to wait for a breakout from the ongoing consolidation area. If price manages to move back above both moving averages accompanied by an increase in trading volume, the probability of a continuation of the bullish trend will increase. Conversely, if price drops and holds below the MA 100 and MA 200, selling pressure is expected to increase and trigger a deeper correction. Overall, the technical analysis of BITCOIN on the H4 timeframe shows that the market is in a consolidation phase after a fairly strong rally in mid-July. Although bullish momentum has started to weaken, the medium-term trend structure is still relatively intact as long as price can hold above the 63,244 support. The main focus for now is on the 64,278 area, which coincides with the MA 100 and MA 200 as dynamic resistance. A successful breakout above this area will open the potential for a rise toward 65,721, 65,988, and eventually a retest of the peak at 66,982. Conversely, if selling pressure dominates again and price breaks the 63,244 support, the potential for a correction toward 61,799 and even 59,597 will increase. Therefore, price action around the MA 100, MA 200, and the market’s response around the horizontal support and resistance levels will be the main factors determining BITCOIN’s direction in the next few trading sessions.
