Bitway (BTW) pulled back about 18% from a record high near $0.775 hit on Aug. 19, after rallying roughly 250% from a recent breakout zone. Momentum indicators stay bullish even as the token's daily RSI of 87.45 signals overbought conditions, with the $0.50 level on the 4-hour chart marking the key support for the uptrend.
Bitway price cools after reaching a record high
Bitway (BTW) traded near $0.63 on Aug. 19, down about 18% from a record intraday high of $0.7746 reached earlier the same day. The pullback follows a rally that carried the token about 250% higher from a recent breakout zone near $0.22.
BTW's advance began in early August, when the token broke above $0.20 and pushed through $0.30 and $0.40 before a near-vertical move carried it above $0.60 on Aug. 19. Measured from the Aug. 11 area near $0.18, the token gained roughly 330% to its session high.
Reward campaigns helped drive demand for BTW
The rally followed the rollout of incentive programs designed to encourage users to acquire and hold the token. Bitway's decentralized traditional finance staking program offered an 8% base annual percentage rate paid in Tether, along with an additional 4% return in platform points. Binance Wallet's Bitway Booster Season 5 added more than $200,000 in bonus APR rewards.
The programs gave users a direct reason to buy and hold BTW, and the token's relatively small market size may have amplified the move as new demand entered a market with lower liquidity than major cryptocurrencies. However, reward-driven demand can weaken once campaigns begin or their highest yields become less attractive.
Momentum stays bullish despite overbought RSI
Bitway's daily chart still shows powerful momentum. The MACD line stood at 0.0972 against a signal line of 0.0633, a bullish structure with no bearish crossover at the time the chart was recorded. Yet the RSI tells a more cautious story: daily readings reached 87.45, far above the usual overbought threshold of 70. The long upper wick near $0.775 reinforces that risk, as buyers pushed the token to a new high but could not sustain the entire advance.
The $0.50 level is key for the bullish structure
On the 4-hour chart, the Supertrend indicator placed dynamic support near $0.504, with BTW trading about 24% above that level at $0.625 when the chart was captured. The Chaikin Money Flow reading of 0.41 pointed to strong net capital inflows that stayed positive even as it eased from its local peak.
Immediate resistance sits around $0.65, followed by $0.70 and the record zone between $0.75 and $0.775; a close above that range could open the door toward $0.80 and $0.90. On the downside, a break below $0.60 could send price toward $0.55 and the $0.50 support, and losing $0.50 would expose the earlier breakout area between $0.42 and $0.44.
Holding above $0.50 would preserve the current structure, while a sustained move below that level would be the clearest sign the 250% rally has turned into a deeper correction.
Source: crypto.news
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