Bitcoin: Price Stays Flat Midweek As Speculative Appetite Cools (Technical Analysis)

Summary Bitcoin dips to $113,400 before rebounding near weekly open at $114,300. Lower-high lower-low structure keeps short-term pressure tilted to the downside. Futures premium contracts below 7% signalling weak speculative appetite. By Artem Shendetskii ​Bitcoin ( BTC-USD ) price is attempting to stabilize midweek after showing renewed signs of a downside continuation that began with last week's heavy selloff. The broader structure remains tilted to the downside, and Tuesday’s price action confirmed that pressure, as intraday trading shifted into a clear lower-low, lower-high sequence. The session was cushioned by the 50-day EMA near $112,800, allowing price to rebound into a daily close near $114,100, but the week flipped from gains into losses. In Wednesday’s Asian session, Bitcoin once again tested downside levels, falling to an intraday low at $113,400. However, just as London markets opened — overlapping with New York midnight - price rebounded sharply, retesting the week’s opening price near $114,300. This level now acts as a technical pivot and is reinforced by the 4-hour 20 EMA, which may limit the current bounce and define short-term direction. BTC price dynamics (May - July 2025). Source: TradingView Structurally, the week is delicately positioned. A successful breakout above the weekly open could shift the intraday market structure from bearish to bullish, potentially setting a path toward the initial weekly high at $115,700. That level will become the next short-term bullish target if price continues to find support above the 4-hour moving averages. Conversely, failure to hold above the weekly open and a move back toward $112,800 would establish a fresh intraday lower low, confirming continued weakness in Bitcoin’s momentum. Bitcoin faces seasonal weakness in August-September From a macro perspective, traders are navigating a traditionally weak seasonal window. August and September are often softer periods for digital assets, although this sits within a broader long-term uptrend. Importantly, there are no signs from macro or on-chain indicators that suggest a structural breakdown. Metrics do not indicate overheating, and long-term holders continue to maintain profitable positions. However, speculative demand has cooled noticeably. The collapse in futures basis across major assets is raising concerns about broader market appetite. On Bitcoin, futures premiums have contracted to under 7%, pointing to diminished leveraged interest. This compression in premiums is typically seen during risk-off phases and reflects hesitation from short-term speculators to take directional exposure. As the session unfolds, the ability of Bitcoin to hold above or reclaim the weekly opening price will guide short-term sentiment. A breakout may offer bulls a chance to regain control and reclaim positive territory for the week. A rejection, however, leaves price vulnerable to a deeper drawdown, with the $112,800 level offering the next clear test of support. Bitcoin faced strong selling pressure as whale deposits surged and retail demand stayed weak . Bitcoin stalled near $119,500 inside a descending channel after rejecting the $120,000 level. Original Post Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.