Bitcoin’s recent rebound has pushed the cryptocurrency to $68,150, up 5.31% on the day, following a session range of $64,204 to $69,930. Daily volume reached $34.3 billion, though the asset remains down 22.3% year-to-date and 39.7% over the past 12 months. The 52-week high of $126,110 underscores the scale of the pullback from prior peaks.
Large holders have accumulated approximately 43,000 bitcoins, valued at $2.75 billion, over the last 60 days, a period coinciding with shifting regulatory and political dynamics. The U.S. Securities and Exchange Commission proposed new exemptions under its ‘Regulation Crypto Assets’ framework on August 18, while President Trump met with crypto industry executives at a White House innovation committee gathering.
Technical indicators suggest the rally may be losing steam. On the 1-hour chart, the Relative Strength Index (RSI) stands at 81.5, well into overbought territory, with the Average Directional Index (ADX) at 48.1 confirming a strong intraday trend. The MACD reading of +817 has been accompanied by three consecutive bearish candlestick patterns—Engulfing Bearish, Three Outside Down, and Deliberation Bearish—signaling potential exhaustion. Five-hour and daily charts echo these conditions, with RSI readings of 84.6 and 70.0, respectively, while the weekly chart remains neutral with an RSI of 46.5 and a deeply negative MACD of -5,272.
Key price levels now define the near-term outlook. Resistance is seen at today’s high of $69,930, followed by the psychological $72,000 mark. Support has formed between $65,000 and $66,000, a zone that previously acted as resistance, with the weekly pivot at $63,700 providing additional downside protection.
