Kraken Observes Bitcoin’s 4% Pullback After Record High as Bulls Defend Key Support
Bitcoin (BTC) experienced a 4% price correction on August 15, 2025, retreating from its all-time high near $124,000 to test crucial support levels around $117,250. The pullback saw BTC breach both the psychologically important $120,000 level and its 100-hour moving average, signaling potential short-term weakness. However, trading volumes remain elevated across major exchanges including Kraken, indicating strong participation from both bulls and bears. Market analysts suggest the current consolidation could set the stage for another upward push if Bitcoin can reclaim the $120,500 resistance level. The cryptocurrency's ability to hold above $117,250 during this correction demonstrates resilient demand, with Kraken's order book showing substantial buy support in this zone. This healthy retracement follows Bitcoin's spectacular 2025 rally, which has seen the digital asset gain over 200% year-to-date against a backdrop of institutional adoption and macroeconomic uncertainty.
Bitcoin Price Retreats 4% After Record High, Tests Key Support Levels
Bitcoin's rally stalled near $124,000 as the market digested recent gains. The dominant cryptocurrency fell below critical technical levels, including the $120,000 support and its 100-hour moving average. Trading volume remains elevated as bulls and bears battle for control.
The correction saw BTC test $117,250 before partial recovery. Market structure suggests potential for renewed upside if $120,500 resistance breaks. Kraken data shows weakening momentum, though the broader uptrend remains intact.
Technical analysts note the breach of a key bullish trendline as warning sign. However, the 23.6% Fibonacci retracement level currently provides support. Market makers appear to be defending the $117,000-$120,000 range ahead of potential institutional flows.
Ethereum Price Corrects Lower, Could It Trigger Another Buying Spree?
Ethereum's price dipped after testing the $4,780 resistance zone, finding support NEAR $4,480. The 50% Fibonacci retracement level of the recent upward move from $4,170 to $4,782 held firm, signaling strong buyer interest.
A bullish trend line is forming with support at $4,500 on the hourly ETH/USD chart (Kraken data feed). The asset remains above both this level and the 100-hour SMA, suggesting underlying strength. Market participants are watching for a potential continuation pattern.
The correction represents a healthy pullback after ETH outperformed Bitcoin, having cleared multiple resistance levels between $4,600-$4,720 earlier. Technical structure remains positive as long as the $4,500 support zone holds.
