Bitcoin (BTC) Price Prediction for August 6

After a series of failed retests near $116,000, Bitcoin price today is holding just above a short-term support zone around $114,000. While the broader trend remains within an ascending channel, the price has entered a phase of tightening volatility. Several indicators are flashing indecision. With momentum weakening but support intact, BTC may be gearing up for a directional move.

Bitcoin Price Forecast Table: August 6, 2025

What’s Happening With Bitcoin’s Price?

On the daily timeframe, Bitcoin continues to trade within the broad rising channel structure formed since April. After peaking near $123,000 in July, price has pulled back toward the midline of the channel and is now hovering just above the $114,000 zone.

The latest candle shows BTC bouncing off the dynamic trendline support inside the channel, indicating buyers are still defending this structure. However, price remains capped below the resistance trendline and horizontal supply zone between $116,000 and $118,000.

A failed breakout attempt last week near $121,600 adds further weight to this confluence resistance. Downside support lies near $111,000 and then $103,500. The latter aligns with the March breakout zone and Fibonacci retracement levels.

Why Is The Bitcoin Price Going Down Today?

The reason why Bitcoin price going down today stems from weakening momentum across multiple intraday charts and sustained resistance overhead.

On the 4-hour chart, price action is being squeezed beneath a descending trendline. The Parabolic SAR dots have flipped above price near $113,750, confirming short-term bearish pressure. Volume has remained muted despite consolidation, suggesting traders are waiting for confirmation before committing to new positions.

The Supertrend indicator has flipped bearish at $116,155, creating a short-term resistance ceiling. Meanwhile, the Directional Movement Index (DMI) shows -DI leading while ADX begins to rise. This structure is typically consistent with downward pressure.

From a derivatives perspective, open interest has dropped by 0.91% in the past 24 hours, while options volume also declined by over 13%. This suggests a reduction in speculative activity. Even though 24-hour volume rose by 34.28% to $61.71 billion, the long/short ratio has tilted below 1.0. Top trader positions on Binance show a long/short ratio of just 0.979, reflecting cautious sentiment.

RSI, MACD, VWAP Signal Range-Bound Bias Ahead of Breakout

The 30-minute RSI has dipped to 41.8, staying below its neutral 50 level for much of the session. This shows bears are still exerting control, though not with conviction. MACD on the same chart is in negative territory with a declining histogram, further hinting at sluggish momentum.

VWAP bands are starting to contract again, with price slipping below both the midline at $114,665 and the upper envelope. This suggests a minor rejection near $114,900 and implies that BTC may test lower bounds near $113,600 if sellers regain pressure.

The True Strength Index (TSI) is deeply in the red at -13.25 but is beginning to flatten. Any upward cross could indicate a base formation if confirmed by volume. For now, intraday trend strength remains weak.

BTC Price Prediction: Short-Term Outlook (24H)

As long as Bitcoin holds above the $113,500 to $113,750 band, the short-term structure remains neutral. However, without a clean reclaim of $116,200, bulls risk losing control of the lower trendline of the channel.

If BTC breaks below $113,000 with volume, the next logical support rests at $111,976 followed by $110,000. A sharper breakdown could eventually push price toward $103,500, a major confluence zone from earlier in Q2.

On the upside, if Bitcoin clears $116,155 (Supertrend flip) with sustained volume, price could revisit $118,000 and then challenge the macro resistance near $121,600. But without momentum and derivatives support, such a breakout remains unlikely in the next 24 hours.