Bitcoin attains a major support level right ahead of Powell's Jackson Hole Speech

[Ben Graham]

This week has been rough for risk assets, particularly tech. The Nasdaq has entered a correction phase, and the one for Cryptocurrencies is even steeper.

Markets have been awaiting further news from Jerome Powell concerning any type of rate cuts, as seen in the signs of hesitancy in Equities and Crypto. He is about to speak in a few minutes at the Jackson Hole Symposium.

You can access the speech right here.

Digital assets have always been volatile, a given due to their youth compared to other asset classes:

After stellar July and August trading, which took Bitcoin to a retest of its all-time highs and, more surprisingly, Ethereum from $2,500 on July 1st to $4,790 in less than a month and a half of trading, the strong upmoves are getting met with sharp reversals.

Bitcoin has been downtrending since attaining a new record High of $124,200 on August 14th.

Let’s examine a multi-timeframe analysis of the biggest crypto to spot what's next.

Bitcoin Daily Chart

Bitcoin Daily Chart, August 22, 2025 – Source: TradingView

Bitcoin is regaining its previous all-time high region for the second time in the month around $112,000 – A key support zone!

Retesting previous record highs is a healthy process in upward trending products, as it was seen in Equities for example in April with the Trump tariffs fear-flows.

On the other hand, bulls will want to make sure they do not breach the $110,000 to $112,000 support zone to avoid a more bearish longer-term outlook.

Before breaching the $110,000 handle, we mentioned the $100,000 landmark being the key for the general crypto market health barometer – Keep these levels in check.

Let's take a closer look.

Bitcoin 4H Chart

Bitcoin 4H Chart, August 22, 2025 – Source: TradingView

Looking closer shows a mixed picture for the current price action –

The Daily RSI momentum starts to enter the bearish territory, while the 4H RSI starts to rebound and even shows a bullish divergence.

On the other hand, 4H period Moving averages are starting to see a bearish cross (50 MA crossing the 200 from above) – Conflicting signs!

A weekly close below the $110,000 handle would give more probability for a bearish continuation.

Holding between $110,000 to $112,000 points to further consolidation, while staying above $112,000 would show the most bullish case of a longer run break-retest to the upper side, signalling further bullish continuation.

A descending wedge in also forming on the 4H Chart– A typically bullish sign, however everything will depend on sentiment post-Powell's speech.

Levels to watch for BTC trading:

Support Levels:

• $110,000 to $112,000 previous ATH support zone
• $106,000 Minor support
• $100,000 Main support at psychological level

Resistance Levels:

• $115,000 to $117,000 Pivot Zone
• Major Resistance $122,000 to $124,500
• Current all-time high $124,596

Safe Trades!

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