Bitcoin concluded July on a positive note, registering a 2.95% gain as highlighted by CryptoJelle, an analyst. Historically, the market often faces challenges during the remainder of Q3. However, an upward movement is typically observed once October arrives. As of press time, the Bitcoin price is $64,464.16, with a 24-hour trading volume of $39,316,462,187. Bitcoin is up 0.19% in the last 24 hours, indicating a steady increase in market activity.
This year, Bitcoin swept the local lows, which provided fuel for the second half of the Power of Three setup. This setup could potentially drive Bitcoin towards the $70,000 mark from its current levels. Analyzing the BTC/USD price trend involves identifying key support and resistance levels. Support levels are points where the price tends to find buying interest, often marked by previous lows. One such level is around $54,500, where the price has bounced multiple times, indicating strong support.
Another notable support level is around $58,500, where the price found support after a decline. Resistance levels are points where the price tends to find selling interest, often marked by previous highs. The price faced resistance multiple times around $66,500, suggesting a significant barrier to upward movement. Another strong resistance zone is near $75,000.
The price movement can be analyzed step by step. From November to February, the price showed a strong upward movement from around $33,550 to approximately $66,500. This phase was marked by consecutive higher highs and higher lows. From February to March, the price entered a consolidation phase between $54,500 and $66,500. This range-bound movement indicated indecision in the market.
From March to May, the price resumed its upward trajectory, breaking through previous resistance levels and reaching around $75,000. However, from May to August, the price experienced a correction, dropping back to the support level around $58,500. This was followed by another consolidation phase between $58,500 and $70,500, with notable resistance at $66,500.
Key observations include the support level around $58,500 holding multiple times, indicating strong buying interest. The resistance level around $66,500 has been tested multiple times, suggesting it is a crucial level for any future upward movement. The price seems to be stuck in a range between $58,500 and $70,500, with $66,500 acting as a pivotal resistance.
If the price breaks above the resistance at $66,500 with strong volume, it could retest the previous high around $75,000. Conversely, if the support at $58,500 fails to hold, the price could potentially drop to the next support level around $54,500 or lower.
MicroStrategy Announces Strategic $2B Bitcoin ExpansionFurther noted by Michaël van de Poppe, CIO & Founder of MN Trading Consultancy, Bitcoin needs to hold above $60,000-$61,000 to see a continuation towards the all-time high. Historically, August and September are challenging months for Bitcoin. However, from mid-August, the momentum is expected to change, potentially leading to a new all-time high in September or October.
