Bitcoin’s price is holding steady, currently supported between $64,000 and $63,000. If this level fails, strong support is found at $61,000. After this pullback, Bitcoin may resume its upward rally.
Bitcoin Taking a Breather
Bitcoin is experiencing a minor pullback after a recent surge. The price rallied 24%, jumping nearly $13,000 from a low of $53,400. This breather allows indicators to reset before potentially continuing its rally.
Tail Winds in Evidence
Tailwinds are still strong. Spot Bitcoin ETFs maintain their buying spree, and unconfirmed rumors suggest that Donald Trump may announce a US Bitcoin strategic reserve at the 2024 Nashville Bitcoin Conference.
Where Will $BTC Bounce?
In the daily timeframe, Bitcoin’s first support level just under $64,000 is holding. A healthier correction might see it dip to the next big support at $61,000, aligning with the 0.382 Fibonacci level. A bounce from here would be very bullish. Alternatively, the bounce could occur at the 0.236 Fibonacci level, around $63,133, a level Bitcoin has nearly touched.
5 Months of Price Structure
Zooming out to the monthly timeframe, Bitcoin has stayed above the crucial $61,000 support for five consecutive months. This level marks the highest monthly candle tops of the 2021 bull market, creating a strong price structure. The July monthly candle shows significant buying interest, with a close at or above the bull flag top trend line potentially signaling the next major surge towards $100,000.
