Bitcoin price analysis: BTC sees fresh dips below $39k

2 months ago 21
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While bulls stay successful power supra $38k, BTC terms could dip to $36k if bears win successful breaching a cardinal enactment level connected the regular chart

Bitcoin (BTC) is up 3.6% successful the past 24 hours arsenic bulls conflict selling unit amid optimism that the benchmark cryptocurrency could yet again interruption the $40,000 obstruction and question past week's highs of $42,629.

Yesterday, Bitcoin terms jumped 4% aft affirmative comments from US Securities and Exchange Commission seat Gary Gensler astir BTC. Speaking to CNBC, Gensler said that helium is "pro innovationand that helium supports favourable crypto regulations designed to assistance the manufacture grow.

As of writing, Bitcoin's terms is hovering astir $39, 405, with cumulative intraweek losses of 2.2%. The BTC/USD brace has a 24-hour scope of $37,703 to $39,979, suggesting that bears are not taking bulls' advances lightly arsenic seen during aboriginal Thursday action.

According to pseudonymous crypto expert Rekt Capital, Bitcoin needs to interruption $40,000 to spot further growth, though a pullback to lows of $36,000 oregon little is inactive possible.

If this caller #BTC bounce is simply a alleviation rally to flip the 200-day EMA backmost into resistance…

Then $BTC could pullback towards the bluish 50-day EMA

The 50 DEMA is different EMA that has historically proven to beryllium utile successful supporting Bull Market uptrends#Crypto #Bitcoin

— Rekt Capital (@rektcapital) August 4, 2021

Bitcoin terms outlook

On the play chart, BTC/USD leans somewhat bullish with terms supra the 50MA and the RSI successful the neutral portion portion the MACD suggests a imaginable bullish flip. Also, the terms precocious of the existent candlestick is supra the erstwhile close, meaning bulls person the vantage if terms stays supra enactment astatine astir $38,409.

BTC/USD play chart. Source: TradingView

The bearish representation might, however, intensify if prices proceed little implicit the adjacent 3 days, with a declining 20MA indicative of bearish pressure. The prognosis, therefore, suggests different upside volition spot bulls people the $43,600 absorption zone. On the downside, the main enactment is adjacent $33,450.

The regular illustration looks much promising contempt yet different rejection astir the $40,000 level. The downturn followed the quality of a Doji candle with the precocious terms settling astatine the erstwhile candle's adjacent connected 29 July.

BTC/USD moved higher arsenic indecision appeared to resoluteness successful the bulls' favour, but the adjacent 4 candles worked retired the correction to signifier highs of $42,496 earlier a textbook bounce disconnected the 38.2% Fibonacci retracement level astatine $37,532.

BTC/USD regular chart. Source: TradingView

However, bulls are presently battling downward unit adjacent the 23.6% Fibonacci retracement level astatine $39,430. If caller terms dips occur, the important 38.2% Fib level offers the contiguous anchor.

Other enactment levels are apt to beryllium recovered astatine the 50% and 61.8% Fibonacci retracement levels astir $35,999 and $34,465 respectively.

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