Bitcoin (BTC/USD) Market Bullish Rebound Expected from Key Support
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Bitcoin Price Prediction – August 29
BTCUSD bullish rebound expected from key support at $56500. A bullish move seems to have emerged since August. The bullish move might continue until the major trendline is hit.
The BTCUSD market currently shows mixed signals on various indicators. The 9-day Simple Moving Average (SMA) is hovering around $61570, suggesting a possible support level. The Stochastic Oscillator is in the oversold territory with values around 29 and 47, indicating that the market may soon see a reversal to the upside. This aligns with the recent price dip, which could be a signal for a potential bullish recovery in the short term.
BTC/USD Market Key Levels:
Resistance Levels: $71970, $73840, $80000
Support Levels: $62000, $56500, $49050
BTC/USD – Daily Chart
The BTCUSD daily chart shows that the price is shifting to a bullish market structure.
Price action on the chart shows significant volatility, with BTCUSD recently dipping below the $58500 mark but holding support around $56500. The chart also reveals a descending trendline from the recent highs, suggesting that BTCUSD has been under bearish pressure. However, the price seems to be finding strong support at the $56500 level, which could act as a base for the next upward move.
What are the potential price targets for BTCUSD shortly?
Looking ahead, the projection for BTCUSD is bullish in the short to medium term. If the $56500 support holds, we could see a gradual climb toward the major trendline. The overall price structure suggests that the short- and medium-term trends are bullish.
BTC/USD – Four-Hour Chart
BTCUSD on the four-hour chart shows a bullish setup with the price finding support around $57820, near the 78.6% Fibonacci retracement level. The Stochastic Oscillator is oversold at 15 and 21, signaling potential upward momentum.
A strong bounce from $56500 could push the price toward the next resistance at $61910. If the momentum sustains, BTCUSD might target $62000 in the medium term.
Bitcoin (BTC) Current Statistics
The current price: $58740
Market Capitalization: $1,170,000,000,000
Trading Volume: $35,580,000,000
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