Bitcoin (BTCUSD) Price Initiates another Uptrend at $108,600 Level

Bitcoin (BTCUSD) Price Forecast: July 4

The Bitcoin market is capturing the attention of crypto enthusiasts as the price initiates another uptrend at $108,600, showcasing a promising performance. The coin price has begun to gain traction and could pump ahead to test the previous resistance level of $112k. Hence, if buyers put more effort into their trading activities, the supply level of $112k may not hold, and it might be exposed to another resistance level of $120k, which would bolster buyers for a high recovery.

Key Levels:
Resistance Levels: $108,000, $109,000, $110,000
Support Levels: $77,000, $76,000, $75,000

BTC (USD) Long-term Trend: Bullish (Daily Chart)

The BTCUSD price initiates another uptrend, regaining investors’ attention amid the increasing bullish move in the long-term outlook.
The coin price is above the moving average, suggesting a bullish trend and a turnaround in the crypto market. Thus, the bulls are in control of the recent market.

The bulls’ pressure to the $105,711 high mark in the last 24 hours has enabled the crypto’s price to initiate another uptrend above the supply trend levels in its recent high.

At the press time today, the Bitcoin price initiated another uptrend at the $108,595 high mark above the EMA-50, to resume the daily chart, suggesting sparking investors’ interest and momentum.

Thus, a possible breakout from the mentioned supply will accelerate the buying momentum and push the prices higher to hit the $112,000 resistance level.

Hence, the BTCUSD uptrend may continue and the emergence of more buyers to pump ahead is probable, as indicated by the stochastic signal pointing up.

In light of this, the emergence of buyers to move the coin price to as high as $120,000 in the days ahead is crucial as the crypto initiates another uptrend in the higher time frame.

BTC (USD) Medium-term Trend: Bullish (4H Chart)

The high inflow from the investors also caused the BTCUSD price to initiate another uptrend and trade in the bullish trend zone in its medium-term outlook.
The previous bullish trend at a $107,902 level has sustained the crypto price above the supply levels lately.

Today, Bitcoin price initiates another uptrend to the $108,600 supply level shortly after the commencement of the 4-hourly chart, suggesting an intraday gain for coin investors.

If the bull’s performance persists and bullish momentum is sustained above the $110,000 resistance trend line, further bearish sentiment will be put on hold.

Additionally, the daily stochastic remain upward. Hence, if the buy traders break above the previous supply trend line, market participants may initiate another uptrend and witness a new recovery rally reaching the $112,000 high mark in the medium-term time frame.

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