Bitcoin Update
Bitcoin shows signs of consolidation amidst a recent funding announcement for a DeFi project.
As of August 8, 2025, Bitcoin is trading at approximately $116,779, maintaining a substantial market cap close to $2.32 trillion. With intraday trading between $116,112 and $117,596, the current state suggests a period of price stabilization.
Market behavior
The cryptocurrency's daily chart shows a bounce back from a lower mark of $112,000, following a previous high of $123,236. This pattern keeps Bitcoin's price within a tight band. Volume remains light compared to previous peaks, signaling consolidation. As long as the $114,000 support holds, Bitcoin’s outlook appears neutral to slightly bullish. A strong upward movement beyond $120,000 could strengthen bullish movements, contrary to a potential fall below $114,000, which might suggest a downturn.
Short-term trends
Analyzing shorter timelines, Bitcoin maintains an upward climb from a low of $111,919 towards recent peaks. Key support rests between $116,000 and $116,500 on the 4-hour chart. Falling through this crucial support might forecast a pullback towards $114,500. On the 1-hour chart, Bitcoin's micro-uptrend indicates potential breakout points at $117,800, aiming for $118,500. However, falling below $116,500 may trigger deeper declines.
Technical indicators
Mixed signals persist among oscillators. The relative strength index (RSI) stands at 54 and stochastic at 58 hinting at neutral conditions. However, momentum indicators like the moving average convergence divergence (MACD) suggest a cautious attitude towards current price levels.
Investment insights
In the DeFi sector, the project BOB recently closed funding rounds with $21 million secured. The latest strategic round, concluded in December 2024, contributed $9.5 million, reflecting sturdy investor interest.
Future developments
BOB plans to channel funds into creating a hybrid blockchain, intertwining Bitcoin’s security with Ethereum’s DeFi functionalities. This venture targets a massive $750 billion opportunity within Bitcoin’s DeFi domain.
The initiative looks to launch a native Bitcoin DeFi testnet, avoiding wrapped tokens by bolstering native Bitcoin usage. Uniquely, BOB's hybrid zk-rollup merges optimistic rollup security with zero-knowledge proofs.
Moreover, BOB partners with Fireblocks to enhance institutional access, incorporating their secure wallet technology, reflecting BOB's strategic move to elevate Bitcoin’s utility in DeFi.