Bitget Token Price Analysis: Bulls Challenge Key Supply Zone at $4.70

Bitget Token Price Analysis: August 28

Bitget Token is currently pressuring a major supply zone as it consolidates in the upper portion of a multi-month trading range. After finding strong demand at the range lows, buyers have pushed the price back up to this critical hurdle. The sustained pressure suggests an attempt to absorb the overhead sell orders, a move that could precede a significant bullish breakout.

BGB/USDT Market Zone: Ranging (Daily Chart)

Resistance Zones: $4.755, $4.500
Support Zones: $4.180, $3.900

The daily chart for BGB/USDT reveals a market that has been building up significant liquidity for several months. The price action is contained within a horizontal channel, with the area around $4.184 acting as a strong demand zone where buyers consistently step in. Conversely, the area at $4.755 has proven to be a heavy supply zone, or a bearish order block, where sellers have repeatedly taken profits and initiated short positions.

Currently trading at $4.653, the price has rotated from the demand zone and is now challenging the supply overhead. This type of range-bound action is often seen during an accumulation phase, where larger players build positions. The indicators reflect this balanced-but-tense environment: The MA Cross has turned bullish, signaling that the most recent swing of momentum favors buyers as they make their push.
The Momentum indicator is hovering near the zero line, which confirms a state of long-term equilibrium within the range, indicating that neither side has a decisive advantage yet.

BGB/USDT Short Term Trend- Bullish (4-hour chart)

The 4-hour chart gives a closer look at the assault on the $4.755 supply zone. The price has formed a constructive consolidation pattern just below this level, creating a series of higher lows. This indicates that buyers are aggressively buying up any small dips, refusing to let sellers push the price down.
The short-term indicators strongly support this bullish narrative:

The price is trading comfortably above the 9 and 21-period moving averages, which are now providing dynamic support and acting as a launchpad for the price.

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