Bitcoin (BTC) Price Prediction for August 23

The Bitcoin price today is hovering around $112,980, up marginally by 0.1% after a volatile week that saw the pair slip from highs near $121,000. BTC is still in a rising parallel channel on the daily timeframe, but it is now testing the lower boundary of that channel. Since April, the channel floor around $112K has been a key area of demand. If the price breaks below it, it could drop even lower to $108,000.

Smart Money Concepts show repeated change of character (CHoCH) signals around the $120K level, indicating exhaustion at the top. Price is currently anchored above a key liquidity zone between $111,800 and $113,200, suggesting short-term stability but limited momentum.

A combination of technical and on-chain signals is to blame for the recent drop in the price of Bitcoin. BTC has stayed below the Supertrend indicator at $115,500 on the 4-hour chart, which strengthens bearish control. The Directional Movement Index (DMI) shows that the -DI line is well above the +DI line and that the ADX is rising, which means that the trend is strong for sellers.

At the same time, the 20/50/100 EMAs on the 4-hour chart are stacked bearishly above price, with the 200 EMA at $116,200 acting as a ceiling. Bollinger Bands confirm this pressure, with candles hugging the lower band between $111,800 and $113,000.

On-chain flows also show that people should be careful. Data shows a positive net inflow of $66 million on August 22, which means that more money is being deposited into exchanges. In the past, rising inflows when prices are falling have been a sign of profit-taking and possible selling pressure.

Intraday action on the 30-minute chart shows BTC consolidating under a descending trendline near $113,200. The RSI has recovered slightly to 52 after dipping below 40 earlier in the session, pointing to neutral momentum. VWAP aligns closely with price at $112,981, suggesting equilibrium.

This compression structure could precede a sharp move. A breakout above $113,500 may trigger a squeeze back to $115K, while failure to hold $112K risks opening a slide toward $110,000 and potentially $108,500.

In the next 24 hours, Bitcoin price action hinges on whether bulls can hold above the $112,000–$112,500 range. Stability here could enable a rebound toward $113,800 and $115,500, but bearish alignment of EMAs and Supertrend levels favors sellers in the short term.

If BTC loses the $112K level, the next support rests at $110,800 followed by the stronger demand cluster around $108,500. Conversely, a daily close above $115,500 would invalidate the near-term bearish bias and re-open the path to $119,000.