🔥 ₿itcoin's Perfect Pullback - Rocket Next? (6 Aug 2025)

👀 US Crypto Council of Innovation's CEO states that the US is ready to claim 1st in the global crypto race, Indonesia Explores Bitcoin Mining, and More!

Author

Jonathan Hamblin
August 06, 2025

 

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Welcome back to

BULL MARKET BYTES

Your byte of cryptocurrency insight where Bitcoin has completed the “perfect pullback!”

We wouldn’t be mad if Bitcoin went to at least $160,000 next for the “perfect rocket!” 😂

Here is what we have for you today!

📊 BLOCKCHAIN BREAKDOWN
📌 BULL MARKET BULLETIN

  • Cryptocurrency Headlines - US Crypto Council of Innovation's CEO states that the US is ready to claim 1st in the global crypto race, Indonesia Explores Bitcoin Mining, and More!

BITCOIN TECHNICAL ANALYSIS

With a week into August, we have seen a lot of movement from Bitcoin . . . maybe in the direction that many of us were not wanting to see.

Bitcoin currently sits at -1.44% in August but stays positive at +6.55% for the 3rd quarter!

Believe it or not, even with the negative movement so far in August, Bitcoin has made a move that confirmed that it is ready to continue upward!

We will be covering that exact move and much more in this newsletter, but before we do a word from today’s sponsor.

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In our last newsletter on Saturday, we covered Bitcoin “filling the gap” and how it marked that Bitcoin was ready for its next move.

Guess what . . . Bitcoin just outdid itself and has shown us the “perfect pullback!”

Let’s take a look below, see what Byte has to say about all of this, and break down Bitcoin’s daily chart!

Byte, take it away!

🤖 Byte the Bot: “Bitcoin touches previous resistance at $111,871.67 and has converted resistance to support!

Success! The recent move has 100% “filled the gap” and Bitcoin’s price continues to follow ascending support where lines converge on the 15th of August!”

On Friday, Bitcoin pulled down to ~$112,850 but outdid itself and pulled all the way to $111,871.67!

As we see in the chart above, this completely “filled the gap” from the massive price uptick that took place from 10 July to 14 July.

🧠 Keep in mind! We have not altered the lines in the chart above in weeks! $111,871.67 was a resistance point that we charted from the 22nd of May!

By Bitcoin coming down in price, touching the line, and shooting back up shows us that Bitcoin has turned previous resistance into support and is ready to move upward!

With this excitement, let’s dive into everyone’s favorite section - “What to Anticipate” - and see where Bitcoin goes from here!

WHAT TO ANTICIPATE

As covered in Saturday’s newsletter:

🌍 In a perfect world, what do we see? Did we already mention that we REALLY want Bitcoin to hold $111,871.67?

If held, we would anticipate for Bitcoin to follow the ascending support up to $115,620.04 where support lines converge on the 15th of August.

As mentioned, multiple times, it was imperative that Bitcoin hold $111,871.67 or it would cause a reset in Bitcoin’s price rally!

Now that Bitcoin has held, we have a bullish pattern that has formed that grants a 58% chance to break through $115,620.04 by the 15th of August!

📊 Which formations are on our radar? The ascending triangle pattern is the bullish pattern that could propel Bitcoin to the next level!

With the candlestick on the 3rd of August being the base and the candlestick on the 4th of August touching the top of the pattern . . .

Bitcoin must stay above $113,500 for the next 48 hours to stay on track!

🌍 In a perfect world, what do we see? We would not be opposed to Bitcoin breaking through $115,620.04 and then reconfirming support at that level.

Bitcoin held support on the 31st of July, but the pressure from needing to “fill the gap” caused Bitcoin to break downward to $111,871.67.

On top of that . . . Bitcoin cannot break below $111,871.67!

This is not yet out of the picture as a bearish inverse cup and handle formation could still form!

For this bearish formation, if Bitcoin breaks $112,794.60 within the next 24 hours we could be on path for a break of $111,871.67.

Ultimately . . . Bitcoin must hold $111,871.67! We may have mentioned this a few times . . . and for good reason!

🧠 Our overall thoughts? Cryptocurrency as a whole is still in a bullish market, even with Bitcoin’s recent pullback in price.

Coinmarketcap.com clocks cryptocurrency at a bullish/bearish score of 52 (in the neutral area), but we can feel the pressure building!

Similar to us feeling it in our knees when it is about to rain outside . . .

In the meantime, watch how Bitcoin moves in the next 48 hours as this will determine Bitcoin’s next move in price.

See everyone in Saturday’s newsletter, and until then, be safe out there!

BULL MARKET BULLETIN 📌

Indonesia Explores a National Bitcoin Reserve Bitcoin Indonesia (an official X account) stated that they met with the Country’s Vice President to show how Bitcoin could benefit the country. In their post,” we explored a bold idea: using Bitcoin mining as a national reserve strategy.” Could this bold move warrant other countries to follow?

Time for the United States to Lead the Global Crypto Race Instead of the “space race”, the next global race could be the adoption and implementation of Bitcoin. the CEO of the Crypto Council of Innovation (CCI) has stated that the US is finally stepping up to claim its place at the front of the global crypto race. Reading between the lines, is this prompting a step forward for the US’s strategic Bitcoin reserve?