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The month of July concluded with a bullish structure, characterized by three consecutive rising peaks—known in technical analysis as an ascending triple-top pattern. This typically signals strength in the market; however, shortly after forming, Bitcoin encountered a significant downturn. Over the course of eight days, the cryptocurrency experienced a sharp decline that saw prices drop from previous highs to reach the $52,000 mark. The downward move was briefly interrupted by a single-day pause on August 1, which resulted in the formation of a bearish order block—a signal that potential resistance was building at higher price levels.
Following this decline, Bitcoin found support within the demand zone at $52,000, igniting a new upward move. This bounce faced immediate resistance at the bearish order block near $62,233, temporarily halting the rally. Despite this, Bitcoin retested an opposing order block that had formed near the demand zone, gathering strength for a renewed push upward. Currently, Bitcoin is on an upward trajectory, targeting the next significant resistance at $69,293—a key level that could define the next phase of its movement.
Bitcoin Key Levels
- Demand Levels: $52,984, $46,516, $40,000
- Supply Levels: $62,233, $69,293, $80,000
What Are the Indicators Signaling?
Technical indicators are aligning with the bullish momentum. The Stochastic oscillator highlighted an oversold condition as Bitcoin approached the $52,000 demand zone, often a precursor to upward price action. Additionally, Bitcoin’s price has recently crossed above the midline of the Bollinger Bands—a sign of strength and momentum building within the market.
This break above the Bollinger Bands’ moving average signals a likely continuation of the current upward trend. With bullish pressure mounting, Bitcoin is poised to challenge the supply zone at $69,293.
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