Bitcoin’s Volatility Trap Signals a Potentially Larger Move

Bitcoin USD trades near $63,500 as of August 18, up roughly +1% on the day after bouncing off an intraday low of $62,751, according to data from CoinGecko. The recovery pushed price above the 78.6% Fibonacci retracement at $63,152 and left BTC near the $65,000 resistance area.

The entire crypto market is seemingly at an impasse as it awaits key events in September, including the next CLARITY Act meeting and the next FOMC minutes on September 16.

Bitcoin 4-Hour Momentum Firms Up While Daily MACD Stays Negative

On the 4-hour chart, Bitcoin moved above the Bollinger Bands' middle line at $63,173 and crossed the upper band near $63,774, signaling that short-term buying pressure has accelerated beyond the recent trading range.

Chaikin Money Flow on the same timeframe rose to 0.24, indicating that volume backed the move higher. Holding above $63,774 keeps the immediate focus on the $64,700–$65,000 resistance band.

The daily chart tells a more cautious story. The moving average convergence divergence reading stood near minus 183 against a signal line near minus 101, with the histogram still negative at roughly minus 82, evidence that bearish momentum from the prior week's decline has not fully cleared.