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Bitcoin Price Prediction – August 8
The BTCUSD market faces bearish pressure as the price consolidates in the premium zone. A further crash is probably imminent as a bullish reversal is not in view.
The moving averages and the RSI (Relative Strength Index) on the BTCUSD chart show a negative trend. The RSI is trading close to 41, indicating a little trend pushing toward oversold circumstances but not enough to indicate an impending reversal. Further suggesting possible negative pressure, the 9-day Simple Moving Average (SMA) is now trading below the current price at about $59400, which may serve as short-term resistance. These signs’ convergence suggests that selling activity will continue.
BTC/USD Market Key Levels:
Resistance Levels: $70000, $73840, $80000
Support Levels: $56500, $50510, $49050
BTC/USD – Daily Chart
The BTCUSD daily chart shows that the market is under bearish pressure.
Looking at the price action, Bitcoin recently formed a lower high at approximately $64480 after a retracement. The downtrend has been consistent since June, with lower highs and lower lows confirming the bearish sentiment.
The price retraced close to the 78.6% Fibonacci level, indicating exhaustion in the corrective rally. The support zone at around $56500 is being tested, and a break below this could open the doors to deeper declines. Significant rejection from $64480 signals a potential drop toward lower support zones.
What are the potential price targets for BTCUSD shortly?
Moving forward, the projection suggests a continuation of the bearish trend. A breakdown below the $56500 support zone could see Bitcoin falling towards the next significant support of around $50510. Should that level fail to hold, the next target could be around $49050, which aligns with previous key support levels.
BTC/USD – Four-Hour Chart
On the four-hour chart, BTCUSD is experiencing bearish momentum, with the price trading below the 9-period SMA, which acts as immediate resistance around $59250. A break below the key support at $56500 could trigger further declines.
The RSI is currently at 44, indicating mild bearish pressure, though not yet in oversold territory. If selling pressure persists, a deeper move toward $50510 support is possible.
Bitcoin (BTC) Current Statistics
The current price: $58700
Market Capitalization: $1,170,000,000,000
Trading Volume: $28,590,000,000
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