TechFlow news, on August 19, Chloe (@ChloeTalk1), author of the HTX DeepThink column and researcher at HTX Research, analyzed that last week Bitcoin surged to a record high of $123,640 but sharply retreated afterward due to market risk-off sentiment triggered by hotter-than-expected U.S. inflation data, resulting in a weekly decline of 5.4%. Currently, Bitcoin's price is consolidating sideways between its all-time high and recent lows, reflecting high sensitivity to macroeconomic signals. Price action is likely to remain range-bound until further dovish signals from the Fed or significant inflows into ETFs emerge.
In the short term, Bitcoin’s first resistance level is around $120,250, with strong resistance concentrated in the $122,000–$123,218 range; support lies at $114,200, and a break below could lead to further testing of the $111,980–$110,530 zone. The market is expected to trend sideways with a downward bias over the coming week, potentially seeing technical rebounds near key support levels.
Ethereum has continued its upward momentum, climbing from $1,386 in April to $4,783 last week, approaching its 2021 peak of $4,864, demonstrating strong short-term performance. This rally has driven capital flows toward higher-risk assets, reducing Bitcoin's dominance from 65% to 59% over the past two months. However, due to the lack of structural capital inflows, altcoin gains are difficult to sustain, leading to significantly increased market volatility. Overall, despite active speculative interest, the broader market remains at a critical juncture amid insufficient macro-level capital inflows.
