Aug 23, 2025
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Bitcoin Price Struggles as Analysts Target $118,000 for Bullish Momentum
Bitcoin's price has struggled since peaking at approximately $124,120 in mid-July, recently falling below $112,000 amid bearish market conditions. However, it reacted positively to US Federal Reserve Chairman Jerome Powell's speech on August 22.
Key Price Levels for Bitcoin
- Analyst Ali Martinez identified $118,000 as a crucial level for Bitcoin to regain bullish momentum.
- The Glassnode MVRV Momentum indicator is essential for assessing market trends.
- A break above the 70-day simple moving average (SMA) of the MVRV ratio indicates a potential bull market.
- A breach below the SMA suggests a shift to bearish conditions.
Currently, Bitcoin is priced at around $116,217, showing a 2% increase in the last 24 hours but down over 1% for the week.
